U.S.-retailer Kmart Holding Corporation has appointed Aylwin Lewis, formerly an executive at the restaurant operator Yum Brands Inc., as its new chief executive and president.
Lewis takes over for Julian Day, who was appointed in January 2003, when the Detroit, MI, U.S.-based retailer was in bankruptcy.
Lewis, who will also join the Kmart board, had been president, chief multi-branding and operating officer at Yum, whose brands include Pizza Hut, KFC, and Taco Bell restaurants.
Edward Lampert, Kmart’s chairman and majority stockholder termed Mr. Lewis as "the ideal leader and agent of change for Kmart at this time."
Kmart also said Mr. Day would remain on the board of directors and assist Mr. Lewis in the transition. Mr. Day is credited for Kmart’s financial turnaround since emerging from bankruptcy in May 2003. The retailer has posted a profit for three consecutive quarters.
The company is still experiencing declining market share, however, to U.S. rivals Wal-Mart Stores Inc. and Target Corporation. K-mart’s same-store sales, considered by many to be the best measure of a retailer’s health, have continued to fall. (Chicago Tribune)
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