Kmart Promotes Day to CEO
By George Anderson
Kmart announced that Julian Day, president/coo, has been promoted to chief executive officer of the troubled retailer.
Mr. Day replaces Jim Adamson, chairman and ceo of Kmart since March. Mr. Adamson will be retiring, although he will stay on as non-executive chairman of the company until it emerges from bankruptcy protection.
Mr. Day, whose previous retail experience includes executive positions at Sears and Safeway is optimistic about Kmart’s future. “While the company struggled to address significant challenges this past year, Kmart is positioned to emerge from Chapter 11 in April with a stronger balance sheet and liquidity position.”
Moderator’s Comment: What does this announcement mean
At worst, this move is addition by subtraction.
We thought it was time for Mr. Adamson to go back into
retirement last July. You may remember that Mr. Adamson claimed to have no clue
that the retailer was in such bad condition (see RW, 7/3/02, Adamson
Reports Kmart Demise Surprise).
Mr. Adamson has been on the Kmart Board of Directors since
1996 and has served on its Audit and Finance Committees.
Anderson – Moderator]
names next leader, Day faces challenge of company remake – Detroit Free
Names President Julian Day CEO – Reuters