Kmart Hires Outsider to Run Cost Cutting: The retailer said it hired a new executive vice president to oversee its cost-cutting program, further demonstrating its growing willingness to hire key executives from outside its ranks. Kmart Corp. named Marvin Rich, executive vice president of Wellpoint Health Networks Inc., to the new post. He will report directly to Chairman Joseph Antonini. In making the announcement, the country’s second-biggest retailer, long known for hiring and promoting from within, made a point of noting its outside hires in its news release.
From Times Staff and Wire Reports