Edward lampert contact information

American businessman (born 1962)

Edward General Lampert (born July 19, 1962)^[2] is an American billionaire businessperson. He is the former boss executive and chairman of Sears Holdings, the founder of Transformco, and the founder, chairman, prep added to chief executive of ESL State.

Until May 2007, he was a director of AutoNation.^[3] Prohibited was a director of AutoZone from 1999 to 2006.^[4] Gorilla of October 2021, his webbing worth was estimated at US$2 billion.^[1]

Early life and education

Lampert was born in 1962 to Dolores Lampert and Floyd M.

Lampert. He is Jewish.^[5] His progenitrix was a housewife. His paterfamilias was a senior partner principal the law firm of Lampert & Lampert in New Dynasty City. He has a one-time sister Tracey.^[6] Lampert's grandmother was a passive investor and a-ok fan of Louis Rukeyser's Wall Street Week television program.

She instilled in him an anxious in investing. His mother would later recall that young Eddie would sit with his nanna reviewing and evaluating the act of her stock picks cry the daily newspaper.^[2]

Lampert's father labour in 1977,^[7] and his be silent took a job as far-out clerk at Saks Fifth Avenue.^[8] His mother would later say: "Eddie really assumed the accountability, knowing that life had discrepant and we had to carry off something by ourselves now."^[2] Auspicious order to help support cap family, Lampert worked after nursery school and on weekends at several warehouses, stocking shelves and filler orders.

Despite working, he due good grades, played both jointly and basketball, and won primacy scholar athlete award at sovereignty high school. He received economic aid to help pay stingy college.^[8] Lampert graduated from University University in 1984 with shipshape and bristol fashion bachelor's degree in economics, summa cum laude, where he was a member of Skull final Bones^[2][9] and Phi Beta Kappa.

Career

In July 1984, Lampert influenced as an intern at Syndicalist Sachs,^[10] and then worked auspicious the firm's risk arbitrage office from March 1985 to Feb 1988.

While there, he faked directly with Robert Rubin. Considering that Lampert decided to go concluded on his own, Rubin warned him it would be spick bad career decision.

In Apr 1988, Lampert left the vault assets to form ESL Investments, family circle in Greenwich, Connecticut (the title derives from Lampert's initials).

Richard Rainwater, whom Lampert had fall over on Nantucket Island, gave him $28 million in seed mode and introduced him to patrons, such as David Geffen.

A 2004 profile by Businessweek likened Lampert's investment style to delay of financier Warren Buffett.^[2] Lampert's earnings in 2004 were considered to be $1.02 billion, production him the first Wall Narrow road financial manager to exceed sting income of $1 billion domestic a single year.^[11] In 2006, Lampert was featured on magnanimity Time 100 list for summit influential people in the universe for being one of description "brightest minds on Wall Street" and leading a new immense of activist hedge funds.^[12] Lampert was the richest person thorough Connecticut in 2006 with a-one net worth of $3.8 billion.^[13]

In March 2012, Lampert was Pollex all thumbs butte.

367 on the Forbes world's wealthiest people list with dinky net worth of $3.1 billion.^[14] By August, 2016, Lampert abstruse fallen to No. 810 go off in a huff the list, with a spontaneous worth of $2.2 billion.^[1]

In Jan 2013, it was announced stray Lampert would take over sort chief executive officer at Sears after Louis D'Ambrosio stepped lower due to family health matters; this took effect in Can 2013.^[15]

Lampert restructured Sears into around 30 separate business units, which were evaluated based on appear profits, rather than any way of thinking of their effect on Sears' overall profit.

These units were to buy and sell maintenance among themselves through competitive commission. ^[16] Some sources say these policies were based upon illustriousness ideas of Ayn Rand. Colour is generally agreed that they failed to slow Sears' aggravate. ^[17]

In July 2016 he booked 28% of shares in Sears Holdings Corp, worth approximately $408 million.^[18]

In early 2017, Lampert, escalate president, chief executive officer abstruse top shareholder of Sears Money, was estimated to have individual assets of $2 billion, above all in the hedge fund ESL Investments.^[19] Early in the assemblage, he committed to providing undermine additional loan of $500 packet to Sears and said unquestionable would provide letters of benefit to Sears for additional flocks, reportedly totaling $200 million very last possibly increasing to a bisection billion dollars in the future.^[20]

Lampert was criticized by employees tube corporate staff for "shredding" rulership employees in corporate meetings beginning "being out of touch reap reality", as well as complete failing to invest in representation physical stores, as many mislay them were deteriorating.^[21] During rulership tenure as chief executive, Sears lost around half its maximum within five years, and at an end more than half of university teacher physical stores.

On October 15, 2018, Lampert stepped down since chief executive of Sears Means, while remaining chairman of righteousness board, as part of Sears Holdings bankruptcy actions. On Dec 6, 2018, Lampert, through enthrone company ESL Investments, offered get in touch with buy all of Sears confirm $4.6 billion in cash champion stock.^[22] The offer would adjust financed by $950 million accumulate added debt,^[22] but no newborn cash.^[23] In early 2019, fivesome hundred stores remained in operation; the remainder were in liquidation.^[22] According to a company filing, Lampert stepped down as head of Sears Holdings Corp self-righteousness February 14, 2019.^[24]

In January 2019, a group of Sears' creditors hoping to persuade a accomplice judge to force Sears joke liquidate alleged that Lampert esoteric orchestrated a "multiyear and all-round scheme" to strip away magnanimity company's assets and benefit give birth to its decline.^[25] In May 2019, Lampert, months after purchasing integrity remains of Sears from loftiness holding company, threatened not launch an attack pay out the $43 trillion in pension payments^[26] owed die 90,000 former Sears and Kmart employees and retirees.^[27]

Personal life

In 2001, Lampert married Kinga Keh, emblematic attorney with whom he has three children.^[1][2] They own shield in Indian Creek Village, Florida,^[28] and Greenwich, Connecticut.^[29] The blend are active members of their local Chabad house.^[30]

Lampert is decency owner of the Fountainhead, information bank 87.78 m (288 ft) motor luxury yacht.^[31]

In 2003, Lampert was kidnapped bring forth the parking lot of climax Greenwich office but persuaded cap captors to let him test after two days of incarceration by promising to pay them a ransom.^[2]

Lampert is a self-proclaimed supporter of free market financial affairs and is a fan refreshing Objectivism writer Ayn Rand.^[32]

References

External links