KMART NAMES MARTIN WELCH FINANCE CHIEF
NEW YORK — Continuing to rebuild its executive team, Kmart Corp. named Martin E. Welch senior vice president and chief financial officer on Monday, succeeding Thomas F. Murasky, who left in September. Welch reports to Marvin P. Rich, executive vice president, strategic planning, finance and administration. From 1991 until July 1995, Welch was senior vice president and chief financial officer of Federal-Mogul Corp., an auto parts supplier. He held various financial positions at Chrysler Corp. between 1982 and 1991.
Last Thursday, Kmart said Warren Flick, currently chairman and chief executive of Sears de Mexico, will become general merchandise manager and president of U.S. Kmart stores on Jan. 2. He succeeded Charles Chinni and will assume a broader role.
Floyd Hall, chairman and chief executive officer, has been actively recruiting to build a new regime and is expected to name more key executives soon. Among the positions that are open are senior vice president of human resources and vice president of advertising.
Additionally, Joseph J. Collins was promoted to senior vice president, logistics, a new post, effective Feb. 1. He was vice president, strategic business integration and productivity improvement. He assumes the responsibilities of Anthony R. Mauro, who is retiring Jan. 31 as senior vice president, transportation and distribution, after 28 years with Kmart.
Collins will also have responsibility for merchandise flow, logistics planning and vendor management. “The move reflects Kmart’s commitment to improving its total supply chain management,” Kmart said in a statement. Kmart has been criticized for poorly managing its inventories and being out of stock on key items recently. Collins joined Kmart this year from Gemini Consulting.
Meanwhile, filed a shelf offering for up to $1 billion in debt and equity securities with the Securities and Exchange Commission. The firm said the offering could include preferred shares, depositary shares of common shares in addition to debt securities. Proceeds from the offering are intended for general purposes. No underwriters were listed.