Code BlueBy Edward Cone Print
When Chuck Conaway took over as the chief executive of Kmart, he gave himself two years to resuscitate the discount retailer, get the right products on its shelves and make it competitive again with the new kings of general merchandising, Wal-Mart and Tar
The technology write-offs were a sign that Kmart was scrapping some relatively recent investments, and even called into question Kmart's sweeping plan to work with once high-flying i2 Technologies to overhaul its supply chain.
Whether the restructuring and write-offs announced that day defined success or failure remains to be seen. But Conaway was, if nothing else, putting himself on the spot.
He had just 337 days to go.
On Aug. 10, 2000, Conaway had set his first major metric for judging the success of his attempt to revive Kmart. He said it would take 730 days—two years—to make Kmart again competitive with Wal-Mart, which had stolen Kmart's seeming birthright as the largest discount chain in 1990, and Target, which was about to sweep by Kmart to become the nation's second-largest discounter.
Setting concrete goals and meeting them is key to Conaway's method of achieving success for Kmart. "Chuck aggressively measures progress. If he's not seeing it, he's not against pulling the plug," says one consultant who has worked on Kmart's logistics systems.
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