TROY, Mich. -- Kmart Corp. here has created a board search committee to find a new chief executive for the ailing discount giant.
Kmart said the committee will conduct a review of viable candidates to replace Joseph E. Antonini, who resigned under pressure from disenchanted investors earlier this month.
As reported, Ronald J. Floto, president of Super Kmart Centers, is considered by many to be a strong inside candidate for the top post. Floto, also an executive vice president, was named interim chairman of the company's management executive committee last month. The five-man committee is overseeing daily operations until a new CEO is installed.
Observers said a successor to Antonini wasn't likely to be named before the retailer's annual meeting May 23.