Kmart names new CEO

Retailer anticipates exit from bankruptcy

Posted: Thursday, January 23, 2003

DETROIT -- The board of Kmart Corp. named a new chief executive Sunday to replace James B. Adamson, the company director named last year to shepherd the retailer's bankruptcy reorganization.

Kmart president Julian C. Day will assume the top job, while Adamson will remain as non-executive chairman through the final months of the Chapter 11 bankruptcy, Kmart said in a statement. Day will retain his duties as president.

His appointment comes as the retailer begins to shuffle its management ahead of its expected exit from Chapter 11 by April 30. Adamson and Day were not available for interviews Sunday, the company said.

Day, 50, joined Kmart as president and chief operating officer in March. Previously, he was chief financial officer at Sears, Roebuck and Co. and Safeway Inc., the supermarket chain.

Kmart filed for bankruptcy protection in January 2002. Two months later, the Troy, Mich.-based company said it would close 283 stores, affecting about 22,000 jobs.

On Tuesday, the retailer announced it planned to close another 326 stores and eliminate 37,000 jobs. If a federal judge approves those closings, Kmart will have about 1,500 stores, a third less than when it declared bankruptcy.

Kmart's stock was delisted from the New York Stock Exchange last month. The company's common stock will have no value once Kmart leaves bankruptcy.


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