Kohl's CEO Michelle Gass to step down, join Levi Strauss as CEO in waiting

Kohl's said Tuesday that CEO Michelle Gass is leaving the institution for a caller accidental arsenic its income proceed to fall.

In a abstracted release, Levi Strauss & Co. said Gass volition articulation the institution successful aboriginal January arsenic president and measurement into the relation of CEO wrong the adjacent 18 months. She volition win the company's CEO Chip Bergh.

Kohl's besides announced preliminary 3rd 4th results. It said it anticipates comparable income to beryllium down 6.9% successful the three-month play ended Oct. 29, with nett income down 7.2%, from a twelvemonth ago. The institution plans to merchandise its afloat quarterly results connected Nov. 17.

Shares of Kohl's were up astir 9% successful premarket trading. Shares of Levi's were down astir 1% successful premarket trading.

Kohl's — and Gass — person been nether unit from investors. Activist capitalist Ancora Holdings has pushed the institution to region Gass from the position. Its propulsion for caller enactment intensified aft Kohl's terminated talks this summertime to merchantability to the Franchise Group, proprietor of The Vitamin Shoppe.

Yet the retailer has pressed up with plans to redesign stores, adhd caller brands and connection much e-commerce options for customers. In 2020, it struck a woody with Sephora to open hundreds of quality shops successful its stores — and present plans to adhd them to each of its stores.

Early this month, Kohl's opened a caller store format successful Tacoma, Washington with a smaller footprint, much mannequins and a merchandise assortment geared toward section preferences. And up of the holidays, it has added aforesaid pick-up astatine each stores, an country wherever customers tin retrieve online purchases.

Kohl's said the enactment alteration volition instrumentality effect connected Dec. 2. The committee appointed Tom Kingsbury, a Kohl's manager since past year, to service arsenic interim CEO.

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