Eddie Lampert has long aspired to turn around Sears Holdings and remake himself in the process.

Such a success would transform him from hedge fund manager to businessman. That's why he has been so reluctant to parcel off Sears Holdings' assets.

But now Lampert, whose firm controls Sears Holdings with 48 percent of the stock, has reorganized his company and stepped back from his intensive management. His hand-picked C.E.O. is leaving.

Is this a concession that the strategy hasn't worked? Of course. (See related story from the February issue of Condé Nast Portfolio, "The Marriage From Hell.") But that doesn't mean Lampert has given up his dream quite yet.

First, the reorganization. Lampert has split the company into five new divisions: brands, operations, real estate, support, and online. Each will have its own leader and its own profit-and-loss statement, the company says. Lampert will no longer have any direct reports.

The reshuffle didn't get high marks from former executives. "It makes no sense to me," said a former high level Sears Holdings executive who agreed to speak about the company only if not identified publicly. "There's some intellectual and economic theory elegance to it. But the practical aspect is where it gets lost."