Sears’ Second-Largest Investor Resigns From Board

Sears Holdings said Monday that Bruce Berkowitz, the troubled retailer's second-largest investor, is leaving the company's board of directors, a departure that sent stock prices of the company's shares sharply lower.

Berkowitz is the chief investment officer of Fairholme Capital Management, which reported in an Aug. 14 regulatory filing that it held approximately 28.9 million shares of Sears Holdings, the parent of the Sears and Kmart retail chains. He will leave the board effective Oct. 31, less than two years after he joined it in Feb. 2016.