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SCHEDULE 14A INFORMATION
Proxy Statement Pursuant to Section 14(a) of the Securities Exchange Act of 1934
(Amendment No. )
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[X] Soliciting Material Pursuant to Sec.240.14a-11(c) or Sec.240.14a-12
KMART CORPORATION
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(Name of Registrant as Specified In Its Charter)
KMART INDEPENDENT SHAREHOLDERS' COMMITTEE
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(Name of Person(s) Filing Proxy Statement,
if other than the Registrant)
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KMART INDEPENDENT SHAREHOLDERS' COMMITTEE
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Contact: William Patterson (IBT)
(202) 624-8100
Michael Zucker (UNITE)
(202) 785-6661
For Immediate Release:
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KMART INDEPENDENT SHAREHOLDERS' COMMITTEE DECLARES VICTORY IN EFFORTS TO
DEFEAT LONG-TERM DIRECTORS--TO CONTINUE CONTEST ON SHAREHOLDER RESOLUTIONS
April 15, 1996--Washington, DC: Declaring victory in their efforts to push long-
term Kmart directors off the Board, the Kmart Independent Shareholders'
Committee (the Committee) announced today that they were withdrawing Stephen
Hester's nomination for the Board of Directors. The Committee also announced
that they were continuing with their plans to run an independent solicitation to
de-stagger Kmart's Board, eliminate the retirement plan for non-employee
directors and to have the Board undertake a study to determine the feasibility
of a sale of the Company.
"Kmart has placed four new, independent directors on its Board since we first
informed the Company on February 15th that Stephen Hester would be our nominee.
It is clear that the Company got the message, and that there is no further
reason for running Mr. Hester this year," said Michael Zucker, director of the
Office of Corporate and Financial Affairs of the Union of Needletrades,
Industrial and Textile Employees (UNITE). UNITE and the International
Brotherhood of Teamsters comprise the Kmart Independent Shareholders' Committee.
On February 15, 1996 the Committee wrote to Kmart and informed the company of
its intention to run Mr. Hester for a seat on the Board of Directors. Since that
time Kmart's Board elected the following new Directors:
James B. Adamson, who joined the Board on March 19 and will take the place of
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long-time director F. James McDonald following this year's Annual Meeting.
Robert D. Kennedy, who succeeded former Kmart Chairman Donald S. Perkins on
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March 19.
William P. Webber, who joined the Board on March 19 will take the place of
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long-time director David B. Harper following this year's Annual Meeting.
Stephen F. Bollenbach, who will join the Board on April 16 and succeed long-time
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director Gloria M. Shatto following this year's annual meeting.
"I was pleased by the support I received from many shareholders who contacted
me, and I am very encouraged that my candidacy pushed Kmart forward in
reconstituting its Board. Now we will have to wait and see if the new directors
are prepared to increase their level of accountability by standing for election
every year," said Stephen Hester.
The Kmart Annual Meeting will take place on Tuesday, May 21st.
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The following may be deemed to be "participants" in this solicitation: The Union
of Needletrades, Industrial and Textile Employees, owner of 100 shares of Kmart
Common Stock, and two of its employees, Michael R. Zucker and Hilary Johnson;
The International Brotherhood of Teamsters, owner of 290 shares of Kmart Common
Stock, and two of its employees, William Patterson, owner of 6 shares of Kmart
Common Stock, and Bartlett Naylor, owner of 200 shares of Kmart Common Stock.
