New CRO Hutchison brings restructuring know-how to Kmart

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Posted 8:04AM on Wednesday, January 23, 2002

DETROIT - The man tapped to help Kmart Corp.'s restructuring in the wake of its Chapter 11 bankruptcy filing Tuesday is no stranger to troubled companies. Ronald B. Hutchison, 51, was named executive vice president and chief restructuring officer of the Troy-based retailer. Hutchison was a key player in helping Advantica Restaurant Group Inc., which owns and operates Denny's, Carrow's and CoCo's restaurants, through its financial restructuring in 1997-98. He was chief financial officer of Advantica. "He brings to Kmart a wealth of experience in navigating the challenges of a Chapter 11 bankruptcy," said Andrew Green, Advantica's current CFO. Hutchison worked with Kmart's new chairman and turnaround expert, James B. Adamson, at Advantica. Adamson played a significant role in getting back respect for Denny's, which faced a number of racial discrimination claims a few years ago. Before joining Advantica in 1995, Hutchison, a certified public accountant with a bachelor's degree in accounting from the University of Akron, was vice president of treasury and taxes at Leaseway Transportation Corp. in Beachwood, Ohio. Leaseway emerged from Chapter 11 in the early 1990s. "The reorganizations he has led involved many complex issues not unlike those we face at Kmart, and through each he demonstrated considerable financial acumen," Kmart CEO Charles Conaway said.