Ward’s Chairman Plans To Step Down

Montgomery Ward & Co. said Chairman Bernard Brennan will step down as the head of its department-store chain, which is lagging behind competitors.

Brennan will remain chairman and chief executive of Montgomery Ward Holding Corp., which controls the retail division, a credit-card company and Signature Group, a marketer of life insurance and legal services.

General Electric Co.’s finance unit, which owns 49 percent of Montgomery Ward, pushed Brennan upstairs because of weak results and turmoil in the executive suite, analysts said. The retailer has been hurt by the turnaround of rival Sears, Roebuck & Co. led by Arthur Martinez.

The nation’s largest privately held retailer said it has started a search for the new CEO.