TROY, Mich. -- Kmart Corp. here last week named a new executive team that's charged with executing the discounter's moves toward emergence from bankruptcy.
n James Adamson. In addition, the company appointed Julian Day president and chief operating officer, a once-vacant position. Day previously was executive vice president and chief financial officer of Safeway, Pleasanton, Calif.
Albert A. Koch, chairman of Jay Alix & Associates, Detroit, a turnaround management firm, was named CFO. He succeeds John T. McDonald Jr., formerly executive vice president and CFO, who also left the company.
Ted Stenger, a principal of Jay Alix & Associates, has been named treasurer, also a previously vacant position.
Mark Hansen, Fleming's chairman and CEO, said last week that Fleming's management is well-acquainted with Kmart's new team. Fleming is Kmart's exclusive consumables vendor.
Deborah Weinswig, associate director at Bear Stearns, New York, described Kmart's new management's impact as "a neutral-to-positive event for Fleming."
Conaway's tenure of about two years with the now-struggling Kmart appears to have been a prosperous one.
Under the company's severance policy, Conaway is entitled to three times his base salary, which is about $1.5 million a year. Published reports have stated that Conaway plans to accept one-third that amount, or about $2 million.
