KMART CEO CONAWAY STEPS DOWN

Chairman Adamson Takes Over; Names New Top-Level Execs

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SAN FRANCISCO (AdAge.com) -- Kmart Corp. CEO Charles Conaway is leaving the troubled discount chain as Chairman James Adamson shuffles executives in an attempt to put the bankrupt retailer back on solid ground.

Mr. Adamson, who only recently became chairman, will replace Mr. Conaway effective immediately.

Mr. Adamson announced

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other upper-level management changes.

Julian C. Day, a former executive vice president and chief operating officer of retailer Sears, Roebuck and Co., was named president-chief operating officer, while Albert A. Koch, chairman of restructuring firm Jay Alix & Associates, was tapped to succeed the retailer's outgoing chief finacial officer, John McDonald Jr.

Lori A. McTavish was promoted to senior VP-communications, adding the task for internal communications to her continuing responsibility for external communications.

Mr. Adamson said today he believes Troy, Mich.-based retailer's new ad campaign from agency Omnicom Group's TBWA/Chiat/Day, New York, will move the company toward its turnaround.

Kmart filed for bankruptcy Jan. 22. The Chapter 11 filing will protect the company from its creditors as it attempts to reorganize its operations and establish a court-approved plan for paying it debts.

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