Kohl's CEO to Retire Next Year
Kohl's Corp. said Chief Merchandising and Customer Officer Michelle Gass will be its next chief executive, as the department-store chain moves forward a succession plan to replace its longtime leader.
Kevin Mansell, Kohl's current chief executive, chairman and president, will resign in May. The company has been analyzing candidates to succeed Mr. Mansell, who has spent 35 years at Kohl's, including the last nine as CEO, since 2015.
The company's board intends to make one of its current independent members chairman.
Ms. Gass joined the retailer in 2013 after being a longtime executive at coffee-seller Starbucks Corp. She initially served as the retailer's chief customer officer, which included managing marketing and the company's e-commerce business. In 2015, she gained responsibility for overseeing the company's merchandising, planning and product development.
Since Mr. Mansell joined Kohl's as a divisional merchandise officer, the company has grown from a local Milwaukee-area retailer with a dozen locations to a national chain with more than 1,100 stores that generates $19 billion of annual sales.
Kohl's also said that Chief Operating Officer Sona Chawla will become president.
Shares in Kohl's, down 6.4% this year, rose 1.2% to $46.75 in Tuesday trading.
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(END) Dow Jones Newswires
September 26, 2017 10:09 ET (14:09 GMT)