Kmart appoints CEO
This article was originally published in The Rose Sheet
Executive Summary
Chairman James Adamson is appointed CEO March 11 to lead retailer's turnaround effort, Kmart says. Exec, who was appointed chairman of the board of directors in January, succeeds Charles Conaway, who resigned. Adamson, who has served on Kmart's board since 1996, led a financial restructuring of Advantica Restaurant Group in 1997 as chairman, president and CEO. In addition, former Sears Exec VP and Chief Operating Officer Julian Day has been named president and chief operating officer. Albert Kock, chairman of turnaround management firm Jay Alix & Associates has been appointed chief operating officer. Management team will lead effort to reorganize Kmart following retailer's Chapter 11 filing in January (1"The Rose Sheet" Jan. 28, 2002, p. 7)...