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Probe: Former Kmart CEO 'grossly derelict'

Date: January 26, 2003
Author: Elliot Blair Smith
QUOTE: Based on interviews with Kmart employees and more than 1.5 million pages of documents, the internal probe accuses the team of former CEO Charles Conaway of being "grossly derelict."

ABSTRACT: An in-house probe into Kmart’s business dealings reveals that "abusive" practices of former CEO Charles Conaway were significantly involved in Kmart’s bankruptcy.  Conaway allegedly employed “unqualified” executives at extravagant salaries. His executives inflated profit forecasts, created inaccurate documents to cover their activities, and demoted or transferred employees who objected.
--- Ginny Ross

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