Ex-Kmart CEO back on witness stand

Ann Arbor, Mich. Charles Conaway, former Kmart chief, is returning to the witness stand on Thursday for cross examination as his trial on civil fraud charges moves closer to a conclusion, according to a report by the Associated Press.

Conaway testified in his own defense Wednesday in federal court in Ann Arbor, Mich. He repeatedly denied misleading investors and his own board about the health of the retailer in 2001.

Kmart hired Conaway in 2000, hoping he would turn the company around. But by January 2002, the retailer was forced into bankruptcy.

The Securities and Exchange Commission claims Conaway withheld significant information about Kmart's finances in November 2001.

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