Kmart Corporation (NYSE: KM) today announced that John T. McDonald, Jr. has been named Executive Vice President and Chief Financial Officer. McDonald, previously Senior Vice President and Treasurer of Kmart, succeeds Jeffrey N. Boyer, who has left the Company to spend more time with his family.
McDonald joined Kmart as Vice President and Treasurer in September 2000, and was promoted to Senior Vice President, Finance and Treasurer in 2001. McDonald has been responsible for the company's banking relationships, treasury and investor relations functions. He joined Kmart from Familymeds, Inc., where he served as Chief Financial Officer and Treasurer. Prior to that he served as Treasurer for CVS Corporation and held several senior-level financial and accounting positions with Hook SupeRx, Inc., Siebe Incorporated and KPMG Peat Marwick. A graduate of Ohio Wesleyan University, McDonald holds a B.A. in Accounting and is a Certified Public Accountant. His appointment is effective immediately.
"I have had the privilege of working closely with John for a number of years and am confident that his unique combination of financial expertise and leadership skills make him the right person to lead our finance team at this critical time in Kmart's renewal," said Chuck Conaway, Kmart Chairman and Chief Executive Officer. "John's extensive knowledge of retail and his understanding of our vision for success are strengths that will serve Kmart well as we continue to make progress in implementing our strategic initiatives."
Boyer joined Kmart in May 2001 from Sears, Roebuck and Co., where he served as Senior Vice President and Chief Financial Officer. He has also held senior-level financial positions at Kraft General Foods and Pillsbury.
"We appreciate the contributions Jeff has made since joining the Kmart team earlier this year and wish him well in his future endeavors," Conaway said.
"Kmart is in the middle of a significant turnaround. The company has great people and great assets. I wish Chuck Conaway and his team well," Boyer said.
Kmart Corporation is a near-$40 billion company that serves all 50 states, the Caribbean Islands and Asia Pacific with more than 2,100 Kmart and Kmart SuperCenter retail outlets. Kmart gives back to the communities it serves through Leaders in Learning, an aggressive corporate giving and community outreach initiative focused on supporting diverse education programs and promoting lifelong learning. Kmart associates also provide their most valuable resource -- time -- every day in their local communities. More information about Kmart is available at the company's e-commerce shopping site http://www.bluelight.com/ under the "About Kmart" section.
SOURCE: Kmart Corporation
Contact: Lori McTavish, Vice President, Communications, +1-248-463-5350,
or Juli Musch, Divisional Vice President, Investor Relations, +1-248-463-1040,
both of Kmart Corporation