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Kohl’s department store retail chain in the United States has finally appointed its chief executive officer. On Thursday, Feb. 2, it announced that interim CEO Tom Kingsbury will be leading the company as permanent chief.
Kingsbury became the interim CEO after Michelle Gass left the company to move to Levi Strauss & Company. He has taken over the position since December 2022.
According to CNBC, his appointment was not surprising and rather expected since many executives are supporting him. Kohl’s further said that Macellum Advisors, an activist investor, agreed to withdraw its pressure campaign.
It was noted that in October of last year, the investment advisor has been pushing for board seats on top of urging the firm to throw out its board’s chairman, Peter Boneparth. The newly-appointed CEO of Kohl’s was nominated by Macellum and other activist investors who have been pushing for a leadership restructure.
In any case, Kohl’s has been trying to increase its sales as customers start to limit their spending due to inflation. Some of the things it carried out as part of its efforts to boost sales include new store designs, expansion of its offerings, and signing new partnership deals.
“Tom’s exceptional track record growing retail businesses and his deep knowledge of Kohl’s makes him the right choice for Kohl’s next CEO,” Peter Boneparth, Kohl’s board chairman, said in a press release. “Since joining the Board, Tom has added valuable insight and perspective, and as Interim CEO, he has demonstrated strong leadership and made a meaningful and positive impact on the organization.”
He added, “The Board has full confidence in Tom's ability to drive the business forward, focusing on accelerating sales and profitability, and we look forward to our continued work together."
Finally, a member of Kohl’s board, Michael Bender, said that they are looking forward to the board’s continued support and partnership with Kingsbury at the helm of the company.
Photo by: Tyler A. McNeil/Wikimedia Commons (CC BY-SA 4.0)
