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post #1 of 2 (permalink) Old Jan 22nd, 2003, 02:39 AM Thread Starter
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Organizational Developments
From: Support Central
Sent: Monday, January 20, 2003 4:08 PM
To: All Recipients (Billerica); All Recipients (Chambersburg); All Recipients (Corsicana); All Recipients (Denver); All Recipients (Forest Park); All Recipients (Greensboro); All Recipients (Groveport); All Recipients (Lawrence); All Recipients (Manteno); All Recipients (Mira Loma); All Recipients (Morrisville); All Recipients (Newnan); All Recipients (Ocala); All Recipients (Ontario); All Recipients (Palatine); All Recipients (Shakopee); All Recipients (Sparks); All Recipients (Warren); All Recipients(Canton); Field KMHQ Clients FName A-G; Field KMHQ Clients FName H-M; Field KMHQ Clients FName N-Z; KRC1; KRC2; KRC3



Kmart is announcing today that the Company has severed all employment relationships with remaining executives who received special retention loans in 2001. These executives are Janet Kelley, Executive Vice President, General Counsel and Assistant Secretary; Mariana Keros, Vice President, Trend & Product Development; Douglas Meissner, Division President, Western Division; Paula Paquette, Senior Vice President, GMM Hardlines and Home; and Lee Viliborghi, Regional Vice President.

We have taken this action as we begin to implement a reorganized management structure and establish an emergence management team in anticipation of our emergence from Chapter 11 reorganization on or about April 30, 2003. We expect to announce successors for these executives shortly.

Each of these five individuals has independently made substantial contributions to Kmart. The Board felt, however, that it was important at this time for Kmart to put the controversy surrounding employees involved in the special retention loans behind it as we prepare to emerge from Chapter 11.

In a related action, Kmart is also announcing today that it was making written demand on all recipients of the 2001 special retention loans to repay the loans to the Company. The stewardship review undertaken by the Audit Committee of the Board of Directors, with the cooperation and participation of the creditor committees, has developed credible and persuasive evidence that the 2001 special loan program had been established without appropriate disclosure of material information to the Board of Directors by former members of executive management. Additional information regarding the stewardship review, which is nearing completion, is expected to be included in the Disclosure Statement that is currently scheduled to be filed with the Bankruptcy Court on or about January 24, 2003.

With today's news, it is more important than ever that you stay focused and ignore any distractions that these developments may create. Our objective is to have an orderly transition so that the important work we all our doing to revitalize Kmart continues without interruption.

This message and its contents (to include attachments) are the property of Kmart Corporation (Kmart) and may contain confidential and proprietary information. You are hereby notified that any disclosure, copying, or distribution of this message, or the taking of any action based on information contained herein is strictly prohibited. Unauthorized use of information contained herein may subject you to civil and criminal prosecution and penalties. If you are not the intended recipient, you should delete this message immediately.
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post #2 of 2 (permalink) Old Jan 22nd, 2003, 06:14 PM
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