Kmart Corporation (Pink Sheets: KMRTQ) announced today that Harold W. Lueken will join the Company as Senior Vice President and General Counsel, effective May 12, 2003. Reporting to President and CEO Julian C. Day, Lueken, 41, will be responsible for the Company's Legal and Human Resources departments.
Commenting on the appointment, Day said, "Harold Lueken is an accomplished corporate attorney who is ideal to direct Kmart's legal and human resources functions as the Company emerges from Chapter 11. Harold's expertise in governance, legal and employee-related matters, combined with his experience with financial institutions, will make him a great asset as we set forth in running the new Company with its new Board of Directors."
Lueken joins Kmart from Banc of America Securities where he served as Managing Director and General Counsel to Corporate Investment Banking. Prior to Banc of America, he served as Principal and General Counsel to Real Estate Businesses with the investment firm Morgan Stanley Dean Witter & Co.
With Lueken's appointment, Michael T. Macik will be retiring from Kmart after 32 years. Macik initially retired in November 2000 and rejoined Kmart in April 2002 to assist in the Company's reorganization.
Day said: "Mike Macik has been a valued contributor to our efforts to restructure Kmart. His extensive experience in the area of human resources management and his lengthy tenure with the Company were critical to the success of our operational reorganization and corporate right-sizing. Mike has achieved his and the Company's objectives and we thank him for his contribution and wish him well in his retirement."
Kmart Corporation is a mass merchandising company that serves America through its Kmart and Kmart SuperCenter retail outlets.
The Company's plan of reorganization, which can affect the value of our various pre-petition liabilities, common stock and/or other securities, was recently confirmed by the bankruptcy court. In accordance with the plan of reorganization, upon our emergence from Chapter 11, the existing Kmart common stock will be cancelled, with holders thereof receiving no distributions under the plan, other than, possibly, for a minor interest in a creditor litigation trust to be established pursuant to the plan. Accordingly, the Company urges that appropriate caution be exercised with respect to existing and future investments in Kmart common stock or any claims relating to pre-petition liabilities and/or other Kmart securities and urges holders thereof to review such plan carefully before making any decisions with respect to any such investments.
SOURCE: Kmart Corporation
CONTACT: Kmart Media Relations, +1-248-463-1021
Web site: http://www.kmart.com/