A new Day for Kmart
January 21, 2003,
Troy, MI — Among Julian Day's first concerns now that he's also Kmart's ceo in addition to being president, will be to find a chief merchant and general counsel as the company seeks to exit Chapter 11. Day was named ceo Sunday night, replacing James Adamson, who will continue as Kmart's non-executive chairman. Day will also have some other key posts to fill.
The company late Friday also fired Paula Paquette, senior vp, hardlines and home, and four other senior executives — the last five still working for the company who received retention loans under the tenure of former chairman and ceo Charles Conaway. Kmart also demanded that all 25 executives who received the loans repay them — a total of about $28 million.