Kmart replaces Hall

Today's “Blue Light Special” is Charles Conaway, who was just named Kmart Corp.'s new chair and ceo. Conaway is the former president and ceo of the drugstore chain CVS.

Conaway replaces Floyd Hall, one of three major retail heads (others were Arthur Martinez of Sears, Roebuck and James Oesterreicher of J.C. Penney) to resign this spring.

While some analysts believe Conaway, 39, is the new blood Kmart needs, others question his experience level. A Merrill Lynch analyst noted in The New York Times that Conaway had only been in the operational side of the retail business for two years. Reportedly, Kmart passed over several of its senior executives in favor of Conaway.

Thomas Ryan assumes the post of president at CVS.