Kohl’s names Tom Kingsbury as permanent CEO
Feb 2, 2023, 4:26 PM | Updated: 4:27 pm
NEW YORK (AP) — Kohl’s said Thursday it has named acting CEO Tom Kingsbury as its permanent leader.
Kingsbury, a Kohl’s board member with more than 40 years experience in retail, has served as an interim CEO since early December, when Michelle Gass left the department store chain to become president of jeans maker Levi Strauss & Co.
Kohl’s, based in Menomonee Falls, Wisconsin, is facing increased pressure from activist shareholders to turn around its business. It is battling higher costs and a pullback from its price-conscious shoppers who are being more cautious with their spending in the face of rising prices for gas, food, and just about everything else.
Kingsbury joined the board of Kohl’s in 2021 as part of a pact between the retailer and activist investors, including Macellum Advisors, who have been pressing the company to make changes to boost its share price.
In connection with Thursday’s announcement, Kohl’s said it entered into a cooperation agreement with Macellum and some of its affiliates.
Shares of Kohl’s Corp. slipped about 1% in extended trading after the appointment was announced. They have fallen about 41% in the past year.