Attention, Kmart President

JOSEPH ANTONINI'S DAYS AT Kmart may be numbered. The retailer's board on Jan. 17 stripped Antonini of his chairman's post, naming outside director Donald Perkins to the job. Although Antonini retains the titles of president and CEO, his credibility is waning, say outsiders. "The handwriting is on the wall," says a headhunter. How could he keep his job? Produce quick gains in the retailer's sagging profits. "There has not yet been a turnaround engineered," says Jim Severance, portfolio manager for Wisconsin's state investment board and organizer of a shareholder revolt last June. Severance hopes for improvements by June.

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