CEO leaves company; replacement named

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Monday, March 11, 2002 | 9:42 a.m.

DETROIT -- Kmart Corp.'s chief executive, Chuck Conaway, left the nation's third biggest discount chain today, three days after the company operating under bankruptcy protection announced plans to close 284 stores and cut 22,000 jobs.

Chairman James Adamson, a turnaround expert and longtime Kmart board member, will replace Conaway as Kmart's CEO effective immediately. Kmart's chief financial officer, John T. McDonald Jr., is also leaving.

The Troy, Mich.-based retailer filed for Chapter 11 bankruptcy protection on Jan. 22, following lower-than-expected holiday sales, downgrades by several credit rating agencies and a stock dive.