USA: Kmart Chief Executive Conaway Quits
The company said in a statement that its chairman, James Adamson, will replace Conaway with immediate effect. It added that its chief financial officer, John McDonald Jr, is also leaving.
"While I have been contemplating this departure for some time given my family needs and professional goals, it was critical that the transition go smoothly," said Conaway in the news release.
Michigan-based Kmart filed for Chapter 11 bankruptcy protection in January amid a slump in holiday sales and plummeting share price.
McDonald will be replaced by Albert Koch, chairman of restructuring firm Jay Alix & Associates, while Julian Day, former executive vice president and chief operating officer of Sears, Roebuck and Co, has been named president and chief operating officer.
Kmart added that Ted Stenger, a Jay Alix principal, will take up the role of treasurer and Ronald Hutchinson will continue tom serve as chief restructuring officer, reporting to Adamson.
On Friday, the nation's third largest discount chain announced it plans to close 284 under-performing stores and cut 22,000 jobs as it bids to return to profitability.
Companies: Sears Holdings Corporation
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