Kmart names CVS President Conaway to succeed Hall
TROY, Mich., May 31 (Reuters) - Kmart Corp. (NYSE: KM), the No. 3 U.S. retailer, said on Wednesday that CVS Corp. (NYSE: CVS) President and Chief Operating Officer Charles Conaway will replace the retiring Floyd Hall as Kmart's chairman and chief executive officer immediately.
Conaway, 39, signed a five-year contract with Kmart. At Woonsocket, R.I.-based drug store operator CVS, he was responsible for merchandising, advertising, store operations, logistics and e-commerce. CVS had 1999 revenues of more than $18 billion and operates 4,100 stores in the United States.
Kmart, which has struggled with sluggish sales amid stiff competition and a stock price near its four-year low, announced on May 16 it started a formal search for a new chief executive to succeed Hall, whose contract was set to expire in April 2001.
Hall, 61, joined Kmart five years ago after the company's board ousted former Chairman, President and CEO Joseph Antonini. Hall said he "truly enjoyed" his time at Kmart but that, "With a solid foundation, now it is time to transition to a new chairman and CEO."
CVS said in a statement that Chairman and CEO Thomas Ryan will take the additional title of president. Kmart has 2,171 stores. It had 1999 revenues of $35.9 billion. |
