Kohl’s Announces CEO Transition Process
08 Novembro 2022 - 10:30AM
Business Wire
- Michelle Gass Plans to Step Down December 2; Tom Kingsbury to
Serve as Interim CEO
- Company Provides Preliminary Third Quarter 2022 Sales and
Earnings Results
Kohl’s Corporation ("Kohl’s" or the "Company") (NYSE: KSS) today
announced that Chief Executive Officer Michelle Gass plans to step
down as CEO and member of the Kohl’s Board of Directors (the
“Board”), effective December 2, 2022, to accept another
opportunity.
The Board appointed Tom Kingsbury to serve as interim CEO from
December 2, 2022 until a permanent successor is named. The Board
also formed a committee of the Board, led by Michael Bender and
including Christine Day, Margaret Jenkins, Peter Boneparth and Tom
Kingsbury, to oversee the search for a new CEO.
Board Chair Peter Boneparth stated, “The Board is grateful for
Michelle’s many contributions since she joined the Company in 2013.
Under her leadership, the Company has driven a strategic
transformation, expanded its partnerships and brand portfolio, and
supported an inclusive and collaborative culture. On behalf of all
Kohl’s associates, we wish her well in her next endeavor.”
Boneparth added, “Tom is highly regarded and perfectly equipped
to take the role of Interim CEO, and the Board looks forward to
working closely with him and the team to facilitate a smooth
transition process and continue driving Kohl’s strategy.”
Gass stated, “I am incredibly proud of what the team at Kohl’s
has accomplished and I’m very confident in their ability to drive
continued innovation, growth and value for customers. Kohl’s
associates and brand partners are an inspiration to me, and I am
truly grateful to have had the opportunity to work with this great
team and company.”
Kingsbury stated, “I’m proud and humbled to take the Interim CEO
role during such an important time for the Company. Despite a
challenging economic environment, Kohl’s is well positioned for
long-term success with its unique off-mall store footprint,
omnichannel presence, and loyal customer base. The Board and I are
committed to the continued refresh and innovation strategy Kohl’s
has begun, the cornerstone of which is the terrific partnership we
have with Sephora. I firmly believe in the long-term potential of
this Company, our associates and our ability to deliver value for
shareholders.”
A Kohl’s Director since 2021, Mr. Kingsbury has an accomplished
career in senior positions at leading retailers, including
President and CEO of Burlington Stores, Senior Executive Vice
President of Kohl’s, and several management positions at The May
Department Stores Company, including President and CEO of its
Filene’s division. He is currently a Director of Tractor Supply
Company, BJ’s Wholesale Club Holdings, Inc. and Big Lots, Inc.
Preliminary Third Quarter 2022 Sales
and Earnings Results
Kohl’s is providing preliminary unaudited results for the three
months ended October 29, 2022, based on currently available
information. The Company’s independent auditor has not completed a
review of these preliminary estimated financial results. The
Company has not yet completed its reporting process for this period
and actual results may differ materially from these preliminary
financial results. In addition, these preliminary results are not
necessarily indicative of results to be expected for any future
period, including the year ending January 28, 2023. This
preliminary financial data has been prepared by and is the
responsibility of the Company.
The Company currently anticipates that third quarter 2022
financial results will include the following:
- Comparable sales decreased 6.9% and net sales decreased 7.2% as
compared to the third quarter of the prior year
- Operating margin of 4.7%
- Diluted earnings per share of $0.82
Kohl's plans to release its full third quarter 2022 financial
results on Thursday, November 17.
About Kohl’s
Kohl’s (NYSE: KSS) is a leading omnichannel retailer. With more
than 1,100 stores in 49 states and the online convenience of
Kohls.com and the Kohl's App, Kohl's offers amazing national and
exclusive brands at incredible savings for families nationwide.
Kohl’s is uniquely positioned to deliver against its strategy and
its vision to be the most trusted retailer of choice for the active
and casual lifestyle. Kohl’s is committed to progress in its
diversity and inclusion pledges, and the company's environmental,
social and corporate governance (ESG) stewardship. For a list of
store locations or to shop online, visit Kohls.com. For more
information about Kohl’s impact in the community or how to join our
winning team, visit Corporate.Kohls.com or follow @KohlsNews on
Twitter.
Cautionary Statement Regarding Forward-Looking
Information
This press release contains “forward-looking statements” within
the meaning of the Private Securities Litigation Reform Act of
1995. The Company intends forward-looking terminology such as
“believes,” “expects,” “may,” “will,” “should,” “intends,”
“anticipates,” “plans,” or similar expressions to identify
forward-looking statements. Such statements, including statements
about business conditions or results of operations and other
information are subject to certain risks and uncertainties, which
could cause the Company’s actual results to differ materially from
those anticipated by the forward-looking statements. These risks
and uncertainties include, but are not limited to, risks described
more fully in Item 1A in the Company’s Annual Report on Form 10-K
and Item 1A of Part II of the Company’s Quarterly Report on Form
10-Q for the first quarter of fiscal 2022, which are expressly
incorporated herein by reference, and other factors as may
periodically be described in the Company’s filings with the SEC.
Forward-looking statements relate to the date initially made, and
the Company undertakes no obligation to update them.
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version on businesswire.com: https://www.businesswire.com/news/home/20221108005675/en/
Investor Relations Contact: Mark Rupe, (262) 703-1266,
mark.rupe@kohls.com
Media Contact: Jen Johnson, (262) 703-5241,
jen.johnson@kohls.com Lex Suvanto, (646) 775-8337,
lex.suvanto@edelmansmithfield.com
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