Sears Holdings said it named Alan J. Carr, managing member and CEO of restructuring advisory firm Drivetrain, as an independent director to its board.
The move comes as Sears approaches a key debt payment. The struggling retailer has been closing stores as sales decline.
Shares were down 1.5 percent in premarket trading Tuesday.
“Alan brings deep experience as a director for companies that went through complex organizational change,” said Sears CEO Eddie Lampert, in the statement announcing Carr’s appointment. “We are pleased to welcome him to the board and look forward to the benefit of his expertise as we work to maximize value for the company and its stakeholders.”