NEW YORK (AP) — Kohl's said Thursday it has named acting CEO Tom Kingsbury as its permanent leader.
Kingsbury, a Kohl's board member with more than 40 years experience in retail, has served as an interim CEO since early December, when Michelle Gass left the department store chain to become president of jeans maker Levi Strauss & Co.
Kohl's, based in Menomonee Falls, Wisconsin, is facing increased pressure from activist shareholders to turn around its business. It is battling higher costs and a pullback from its price-conscious shoppers who are being more cautious with their spending in the face of rising prices for gas, food, and just about everything else.
Kingsbury joined the board of Kohl’s in 2021 as part of a pact between the retailer and activist investors, including Macellum Advisors, who have been pressing the company to make changes to boost its share price.
In connection with Thursday's announcement, Kohl's said it entered into a cooperation agreement with Macellum and some of its affiliates.
Shares of Kohl's Corp. slipped about 1% in extended trading after the appointment was announced. They have fallen about 41% in the past year.
Before you consider Levi Strauss & Co., you'll want to hear this.
MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and Levi Strauss & Co. wasn't on the list.
While Levi Strauss & Co. currently has a "Moderate Buy" rating among analysts, top-rated analysts believe these five stocks are better buys.
View The Five Stocks Here
Need to stretch out your 401K or Roth IRA plan? Use these time-tested investing strategies to grow the monthly retirement income that your stock portfolio generates.
Get This Free Report