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TROY, Mich. - Kmart Corporation today announced that James B. Adamson has been elected non-executive chairman of the board of directors effective immediately, and will serve as the principal liaison between the board and the company's senior management as Kmart continues to address its current financial and operational challenges. Charles C. Conaway will continue as CEO of the company.
Kmart also said that effective immediately, Mark S. Schwartz is no longer with the company. Schwartz, who previously served in the retail industry as president and CEO of Big V Supermarkets, and earlier as an operations executive at Wal-Mart, was president and chief operating officer of Kmart. Schwartz joined the company in September 2000. He also previously served as president & CEO of Hechinger Corporation.
Kmart said it is continuing to review its current and prospective liquidity position and business plans for the 2002 and 2003 fiscal years. The company is also continuing discussions with its lenders regarding existing and possible supplemental financing facilities.
"We appreciate the loyalty Kmart has received from our customers and the continuing support shown by many of our vendors and other business partners," Conaway said.
Adamson, 53, has been a member of the Kmart board since 1996, serving on the board's audit and finance committees.
"Along with the other Kmart directors, I am pleased that Jim Adamson has agreed to provide his counsel and unique perspective at this critical time," Conaway continued. "His extensive experience in retail and in managing change at companies undergoing massive transformation is a resource that we believe will be invaluable to our senior management team. We are looking forward to working closely with him."
Adamson is the former chairman, president and CEO of Advantica Restaurant Group Inc., one of the largest restaurant companies in the United States. Advantica owns and operates approximately 2,400 moderately priced restaurants in the mid-scale dining segment, including the Denny's, CoCo's, and Carrow's brands.
He joined Advantica in 1995 as president and CEO from Burger King Corporation where he had served as CEO from 1993 to 1995. He previously served as executive vice president, marketing, of Revco Inc., and as a senior executive at Target Corporation.