A Kohl’s logo is displayed on the exterior of a Kohl’s store on January 24, 2022 in San Rafael, California.
Justin Sullivan | Getty Images
Cole’s on Thursday named interim CEO Tom Kingsbury to the position on a permanent basis.
He took over as interim CEO in December after former chief executive Michel Gass decided to leave For Levi Strauss, Kingsbury’s appointment was expected.
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The company also said that activist investor McCallum Advisors agreed to withdraw its pressure campaign.
“The board appreciates our constructive conversations with McCallum over the past few months and his participation during the CEO search process. We look forward to his continued support and partnership,” Michael Bender, a member of Kohl’s board, said in a Thursday release. Let’s hope so.” ,
In October, grocery store was pushing for board seats and also urged the ouster of board chairman Peter Bonperth from the company.
Kingsbury, a retail industry veteran, was the nominee of Myselm and other activist investors who prepared for a leadership reorganization. Kingsbury previously served as CEO Burlington Store From 2008 to 2019.
Bonperth praised Kingsbury on Thursday. “Tom’s exceptional track record growing retail businesses and his deep knowledge of Kohl’s make him the perfect choice to be the next Kohl’s CEO,” they said in a release.
After the company came the demand for leadership shakeup backed out of a deal to sell franchise group as it struggled to navigate economic headwinds and maintained lower guidance.
Kohl’s is struggling to boost sales as budget-conscious consumers rein in spending amid inflation. The company has made several efforts to revamp its brand, including redesigning stores, new partnership and expanding its e-commerce offerings.
Shares of Cole were up about 1% in after-hours trading Thursday.
read the Full release from Kohl’s.