Kohl’s Closing In on Naming Permanent C.E.O.

Kohl’s is in late-stage talks to appoint Tom Kingsbury as its permanent chief executive, after the departure of Michelle Gass to Levi’s last year, according to two people familiar with the situation who spoke on the condition of anonymity because no final decision had been made.

Mr. Kingsbury, who is the company’s interim chief executive, did not respond to a request for comment. “We do not comment on rumors or speculation,” Jen Johnson, a spokeswoman for Kohl’s, said.

The people familiar with the situation said an announcement was not expected this week.

Mr. Kingsbury would be appointed at a critical time for Kohl’s, which has faced scrutiny from activist investors and concluded a sales process last year without selling itself. Its core shoppers — middle-income Americans — have seen their savings squeezed because inflation has led to higher prices on a range of goods. Subsequently, they have pulled back on buying discretionary items like apparel.

In November, Kohl’s withdrew its full-year guidance for 2022, citing uncertainty around the economy and departure of Ms. Gass. Net sales for its third quarter fell about 7 percent from a year earlier. The retailer has not yet announced how its business performed during the crucial holiday season. Shares of the company are down nearly 50 percent over the past year.

Article source: https://www.nytimes.com/2023/01/25/business/kohls-ceo.html