Kohl’s CEO, Michelle Gass, Steps Down for New Opportunity

Kohl’s announced on Tuesday that the CEO, Michelle Gass, would be stepping down to pursue a new opportunity with Levi Strauss & Co.

Levi & Strauss announced that Gass would be taking over the company’s CEO role in early January. 

Gass’s departure from the company comes after much scrutiny from investors. According to CNBC, “Activist investor Ancora Holdings pushed Kohl’s to remove Gass from the position. Another activist investor, Macellum Advisors, also urged a change in leadership, including an ouster of the company’s chairman.” The skepticism comes after Kohl’s “invested in refreshing its brand and reported lackluster sales results,” CNBC also reported. 

Tom Kingsbury, a Kohl’s director, will serve as interim CEO starting Dec. 2. 

According to Zacks, shares of Kohl’s soared 7.3% Tuesday closing at $28.82 after the announcement of Gass’s departure. However, “Kohl’s stock is down more than 40% so far this year, and the company has a market cap of about $3.37 billion,” CNBC reported.