Kohl's Names Tom Kingsbury CEO
Kohl’s last week announced interim CEO Tom Kingsbury assumed the role of CEO on Feb. 2. Kingsbury led the company since December following the departure of former CEO Michelle Gass, who left the company late last year to become president of Levi’s. Kingsbury will also continue to serve on Kohl's board.
Kingsbury brings more than 40 years of retail industry experience serving in executive leadership and board roles at Kohl’s, Burlington Stores, Inc., and The May Department Stores Company. He led Burlington Stores, Inc. as president and CEO from 2008 to 2019, and served on the company's board of directors from 2008 to 2020, including as chairman from 2014 to 2019 and as executive chairman from 2019 to 2020.
In connection with Kingsbury’s move to CEO, Kohl’s said it entered a cooperation agreement with one of its investors, Macellum Advisors. Under the agreement, Macellum has agreed to a multiyear standstill agreement and other provisions.
Total Retail's Take: To retail insiders, this news isn't surprising. Kingsbury’s appointment to the permanent CEO role had been expected, according to CNBC.com. He was the nominee of Macellum and other activist investors who had been angling for a leadership restructure.
“The Board appreciates our constructive dialogue with Macellum during the last few months and their engagement as we conducted the CEO search process," said Michael Bender, a member of Kohl’s board, in a release. "We look forward to their continued support and partnership.”
Kohl’s has been struggling to boost sales as budget-conscious consumers rein in spending amid inflation and other economic uncertainty. The department store chain made a variety of attempts recently to revamp its brand, including launching store redesigns, new partnerships (including a much publicized returns program with Amazon.com), and an expansion of its e-commerce offerings. Perhaps having a new leader in place will help Kohl's find its footing.
