RETAILING

Kmart Names Outsider as CFO: The Troy, Mich.-based discount retailer named Martin E. Welch III as its chief financial officer and senior vice president. Welch formerly held those positions at Federal-Mogul Corp., which makes industrial parts such as ball bearings and sealing components. Welch, 47, is the latest in a succession of outside executives brought in to revive Kmart Corp., which has had to close hundreds of stores. He worked at Federal-Mogul from 1991 to last July, held several finance positions starting in 1982 at Chrysler Corp. and was director of marketing accounting at Fruehauf Corp. from 1977 to 1982. Welch will report to Marvin P. Rich, executive vice president of strategic planning.