Kmart Names Jeffrey N. Boyer Chief Financial Officer

Succeeds Retiring CFO Martin E. Welch

Kmart Corporation (NYSE: KM) today announced that Jeffrey N. Boyer has been named the company's new Executive Vice President and Chief Financial Officer succeeding Chief Financial Officer Martin E. Welch, who has elected to take early retirement, effective immediately.

Boyer joins Kmart from his post as Senior Vice President and Chief Financial Officer of Sears, Roebuck and Co. While at Sears, Boyer also held the positions of Chief Financial Officer, Vice President and Controller and Vice President of Finance, Full-Line Stores. Prior to joining Sears, he held senior-level financial positions with Nutrasweet, Quaker Oats, Kraft General Foods and Pillsbury.

"Jeff Boyer's retail and consumer goods financial experience makes him the ideal candidate for Kmart's CFO post," said Conaway. "Jeff Boyer brings a strong understanding of merchandising and a combination of financial and operations experience that will serve Kmart well as we dramatically improve execution and our capital productivity."

Welch joined Kmart in 1995 as senior vice president, chief financial officer. Prior to joining Kmart he was CFO for Federal-Mogul Corporation and held senior level financial positions with Chrysler Corporation and Fruehauf Corporation.

Kmart Chairman and CEO Chuck Conaway said, "Marty joined Kmart six years ago during a time of significant financial stress for the company. Under his leadership, our financial stability, capital structure and credit rating have been strengthened. We thank him for his many contributions and wish him well."

Kmart Corporation is a near-$40 billion company that serves America with more than 2,100 Kmart and Kmart supercenter retail outlets. Kmart donates $35 million each year to support its hometowns and local non-profit organizations. Kmart associates also provide their most valuable resource -- time -- everyday in their local communities. In addition to serving all 50 states, Kmart operations extend to the Caribbean Islands and Asia Pacific. More information about Kmart is available on the World Wide Web at under the "About Kmart" section.


SOURCE: Kmart Corporation

Contact: Mary Lorencz of Kmart Media Relations, 248-463-1021


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