Sears' reclusive CEO explains why he rarely visits the office - and instead lives at his sprawling $38 million estate that's 1,400 miles away
- Sears CEO Eddie Lampert lives at a $38 million estate in Florida and is rarely seen at Sears' Illinois headquarters, only visiting about once a year.
- In a new interview, Lampert addressed critics of his long-distance management style.
- "There are cultures where people work from home, and they still get things done," he told Vanity Fair. "The ability to trust people, the ability to empower people, that's the model."
- Lampert also owns a $26 million property in Connecticut, a $14.5 million home in Colorado, and a 288-foot yacht.
Sears CEO Eddie Lampert has opened up in a rare interview about his decision to manage the embattled retailer from afar.
Critics - including some former Sears executives - have blasted Lampert for rarely visiting Sears' headquarters in Hoffman Estates, Illinois.
Instead, Lampert prefers to stay at his $38 million estate on Indian Creek Island, off the coast of Miami, and communicate with employees primarily through teleconference meetings. He only visits Sears' headquarters about once a year for the annual shareholder meeting.
In response to his critics, Lampert told Vanity Fair that he believes in empowering his management team.
"There are cultures where people work from home, and they still get things done," he said. "The ability to trust people, the ability to empower people, that's the model."
The interview marks the first time that Lampert, who rarely talks to the press, has publicly addressed critics of his long-distance management style.
While the Indian Creek estate is Lampert's primary home, he also owns a $26 million property in Greenwich, Connecticut, a $14.5 million home in Aspen, Colorado, and a 288-foot yacht, which he named The Fountainhead.
