Levi Strauss & Co. said Gass has been named to a new position of president, a role that will position her to succeed CEO Chip Bergh.
“We are delighted that an executive with Michelle’s background, experience and stature is joining as president to work side-by-side with Chip for a meaningful transition period before becoming CEO,” said Bob Eckert, chairman, Levi Strauss & Co. “Michelle’s deep retail and omnichannel experience combined with her track record of building brands and meaningful innovation is a perfect fit for the skills needed to lead this company for the long term and create significant value for our stakeholders.”
Kohl’s named Tom Kingsbury, a director since 2021, interim CEO, effective May 2, until a permanent replacement is found. He is the former CEO of Burlington Stores. The board has formed a committee to oversee the search for a new CEO.
Gass joined Kohl’s in 2013 and has served as chief executive since May 2018. Her leadership has been called into question in recent years by activist investors unhappy with the company’s performance. In September, Ancora Holdings Group sent a letter to the board calling for new leadership and the removal of Gass and board chairman Peter Boneparth. The letter came nearly three months after Kohl’s, citing “market volatility,” said it had ended its strategic review process and would no longer consider selling itself.
In announcing Gass’ departure, Kohl’s also announced preliminary third-quarter results. It said comparable sales fell 6.9% in the period, with net sales down 7.2%, from a year ago.
“The board is grateful for Michelle’s many contributions since she joined the company in 2013,” stated board chair Peter Boneparth. “Under her leadership, the company has driven a strategic transformation, expanded its partnerships and brand portfolio, and supported an inclusive and collaborative culture.”
A Kohl’s director since 2021, Kingsbury held senior positions at leading retailers, including president and CEO of Burlington Stores, senior executive VP 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 and Big Lots.
“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,” said Boneparth.
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.”
