Kmart Names John McDonald Chief Financial Officer

TROY, Mich. - Kmart Corporation on Friday 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. The appointment is effective immediately.

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.

"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 CEO. "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.
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