Executive Played Key Role In Two Prior Major Restructurings, Helping to Achieve Significant Debt Reduction and Greater Focus on Profitable Operation
TROY, Mich., Jan. 22 /PRNewswire-FirstCall/ -- Kmart Corporation (NYSE: KM) announced today that Ronald B. Hutchison has been named Executive Vice President and Chief Restructuring Officer, a new position, effective immediately. He will work closely with the other members of the Company's senior management team to help Kmart aggressively address the financial and operational challenges that have hampered its performance. As announced earlier this morning, Kmart today filed voluntary petitions for reorganization under chapter 11 of the U.S. Bankruptcy Code.
Hutchison, 51, was most recently Chief Financial Officer of Advantica Restaurant Group, Inc. where he was one of the key architects of that company's successful reorganization, which involved the elimination or restructuring of more than $2 billion of debt. He was also involved in the financial reorganization of Leaseway Transportation, a transportation holding company that emerged from chapter 11 in the early 1990s.
Charles C. Conaway, Kmart Chief Executive Officer, said: "Ron Hutchison is ideally suited to help guide Kmart through the chapter 11 process. The reorganizations he has led involved many complex issues not unlike those we face at Kmart, and through each he demonstrated considerable financial acumen and the ability to work with multiple constituencies towards a positive outcome. My colleagues and I look forward to receiving Ron's wise counsel as we work together towards our goal of a successful emergence from the reorganization process in 2003."
Hutchison, a graduate of the University of Akron with a bachelor's degree in accounting, is a Certified Public Accountant.
Kmart Corporation is a $37 billion company that serves America with more than 2,100 Kmart and Kmart SuperCenter retail outlets and through its e-commerce shopping site http://www.bluelight.com/ .
SOURCE: Kmart Corporation
Contact: Kmart Media Relations, +1-248-463-1021, or Kmart Investor