Kmart Loses Conaway as Revamp Continues

Time is up for Chuck Conaway.

Kmart (KM Quote) said Monday that Conaway was leaving his post as CEO of the bankrupt retailer, along with Chief Financial Officer John McDonald, as part of a widely expected overhaul of top management. The announcement comes just three days after Kmart announced it would fire 22,000 workers and close almost 300 stores.

James Adamson, who was appointed chairman in January and given the task of overseeing Kmart's restructuring, is the new CEO. Conaway, who took the top job in June of 2000, will leave the company and its board of directors. ...