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News > Companies
Kmart adds new execs
July 26, 2000: 11:13 a.m. ET

Blue light turns green on CEO Conaway's new restructuring efforts
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NEW YORK (CNNfn) - A day after announcing it would close dozens of under-performing stores, Kmart Wednesday said it had created new executive positions to help oversee restructuring initiatives.

Chuck Conaway, the new chairman and chief executive officer of the nation's No. 3 retailer based in Troy, Mich., named Andy Giancamilli president and chief operating officer, a new position responsible for all merchandising, store operations, marketing and logistics.

In addition, Conaway said the company would conduct an executive-level search to fill the new position of chief marketing officer responsible for coordinating advertising and marketing efforts.

graphicAs part of the restructuring moves, 29-year Kmart veteran Donald Keeble, president of store operations in the U.S., said he would retire. As president of store operations, Keeble was responsible for store operations, real estate, facilities management design, construction and corporate purchasing.

A search is underway for a replacement, the company said.

On Tuesday, Kmart (KM: Research, Estimates) said it planned to close 72 stores and hold a series of chain-wide clearance sales to reduce inventory as part of a restructuring effort. As a result, the company expects to miss estimates for the fiscal second quarter ending this month by as much as 75 percent.

Shares of Kmart were down 1/2 to 6-7/8 in Wednesday morning trading. Back to top

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