Times Staff and Wire Reports

Board Reviewing Severance Conditions for Kmart Ex-CEO: Under terms of his contract, Joseph Antonini can keep his base salary and annual performance bonus for two years after his departure should he leave the Troy, Mich.-based company "for good reason." The contract does not define that term, however. That would be paid in addition to any other severance benefits the board of directors might approve for the 31-year Kmart Corp. veteran, who resigned Tuesday as president and chief executive under stockholder pressure. "That's something the board is still reviewing," spokeswoman Teri Kula said. The contract says Antonini, 53, is obligated to seek another job and that his severance pay will be reduced by the amount of compensation from the subsequent job. According to the 1993 proxy statement, Antonini was paid $893,000 that year.

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