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Kmart Corporation (NYSE: KM) has been named the 2001 recipient of the National Black MBA Association's Silver Torch Award. This distinguished award recognizes the corporation that has made the greatest gains toward promoting equal opportunities that challenge and stimulate qualified minority professionals to prove themselves and advance in strategic positions within their organizations.

The honor also commends Kmart's Chairman and CEO Charles C. Conaway for his leadership, vision and commitment to diversity and also seeks to encourage him to continue to build a company that truly represents America. Conaway's leadership, according to NBMBAA officials, is changing the way big business does business with communities of color.

"Over the past year, the NBMBAA has observed the tremendous community outreach efforts launched by Kmart," said Antoinette Malveaux, president and CEO of the Chicago-based organization. "These outreach efforts to build partnerships with black-owned businesses and organizations are already having a tremendous impact on creating intellectual and economic wealth in communities of color."

The Silver Torch Award was presented during the NBMBAA's 23rd Annual Conference & Exposition. The conference, which was held at the Walt Disney World Resort in Lake Buena Vista, Fla., attracted over 8,000 attendees and more than 300 corporations and business schools, making it one of the largest events in the nation for African American professionals.

  Some past winners of the award include:

        Walt Disney Corporation                      - 1999
        Carson Products                              - 1998
        Urban Redevelopment Authority of Pittsburgh  - 1997
        The General Electric Company                 - 1996
        Ryder Systems, Inc.                          - 1995

"Diversity Enriches" is one of Kmart's core corporate beliefs. This reflects the understanding that attracting and retaining people from many different backgrounds will make Kmart a stronger company and, ultimately, the retailer of choice for a diverse customer base.

In August of 2000, Kmart created the Office of Diversity. In 2001 the company appointed its first-ever Chief Diversity Officer, Randy Allen.

"Working with the National Black MBA Association gives Kmart access to a diverse talent pool," said Randy Allen, Kmart's Chief Diversity Officer. "We're excited to be chosen for the Silver Torch Award and look to continued success with the NBMBAA."

In addition to a two-day career fair, the conference hosted some of the world's leading CEOs and powerbrokers to address the critical issues of the day impacting African-American business professionals. Some participants included former U.S. Ambassador Andrew Young; Trevor Hall and Dame Jocelyn Barrow of the United Kingdom; Jack Bovender, CEO of the HCA; John Rogers, president of Ariel Mutual Funds; Hollywood movie director John Singleton; award-winning gospel singer CeCe Winans, Atlanta Mayor Bill Campbell, and civil rights activist Rev. Jesse Jackson.

The National Black MBA Association, which is based in Chicago, is the world's largest organization of black executives, MBA students and entrepreneurs. With 39 chapters throughout the United States, a subsidiary in the United Kingdom and a growing presence in Europe, NBMBAA represents more than 95,000 black MBAs. Fifty-three percent (53%) of National Black MBA Association members are between the ages of 31-40 and more than 80% of the membership has household incomes of well over $75,000.

Kmart Corporation is a near-$40 billion company that serves America with more than 2,100 Kmart and Kmart Supercenter retail outlets. Kmart donates $35 million each year to support its hometowns and local nonprofit organizations. Kmart associates also provide their most valuable resource -- time -- every day in their local communities. In addition to serving all 50 states, Kmart operations extend to the Caribbean Islands and Asia Pacific. More information about Kmart is available on the World Wide Web at under the "About Kmart" section.

For additional information regarding your participation, please contact Jerry Thomas, Director of Communications, at 312-236-2622 ext. 8282 (o), 312-399-4065 (c), or jerry.thomas@nbmbaa.org .

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SOURCE: Kmart Corporation

Contact: Jerry Thomas, Director of Communications of National Black MBA
Association, +1-312-236-2622, ext. 8282; or Stephen Pagnani, Manager of Media
Relations of Kmart Corporation, +1-248-463-5742

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