Sears Hometown and Outlet Stores, Inc. announced that, by mutual agreement with the company's board of directors, W. Bruce Johnson, chief executive officer and president, will leave the company on August 1, 2015, the end of the company's second fiscal quarter. In that connection Mr. Johnson, a member of the company's board of directors, will not stand for re-election to the board of directors at the company's annual meeting of Stockholders to be held on May 27, 2015. He will continue to serve on the board of directors until that time.

Mr. Johnson has been a director and chief executive officer and president of the company since July 2012. He served in various capacities as executive vice president of Sears Holdings Corporation from February 2011 until July 2012. He served as Sears Holdings' interim chief executive officer and president from February 2008 to February 2011 and as a member of the board of directors of Sears Holdings from May 2010 to May 2011.

He previously served as Sears Holdings' executive vice president, supply chain and operations since the merger of Sears, Roebuck and Co. and Kmart Holding Corporation in 2005. Since July 2010 he has served on the board of Visitors of Duke Law School, and since January 2009 he has served on the board of directors of the Ann & Robert H. Lurie Children's Hospital of Chicago, working on its finance committee.