The board at Kohl’s Corp. (Menomonee Falls, Wis.) has unanimously named Tom Kingsbury as CEO, effective Feb. 2. Kingsbury had held that title on interim basis since Dec. 2, 2022, when Michele Gass exited the department store chain to become President of Levi Strauss & Co.
“Since joining the board, Tom has added valuable insight and perspective, and as Interim CEO, he has demonstrated strong leadership and made a meaningful and positive impact on the organization,” Board Chair Peter Boneparth said in a news release. “The board has the full confidence in Tom’s ability to drive the business forward, focusing on accelerating sales and profitability, and we look forward to our continued work together.”
In connection with the announcement about Kingsbury’s permanent promotion, the struggling retailer said it has entered a multi-year “standstill agreement” with activist investor Macellum Advisors GP. The latter firm has long urged the retailer to make changes in its operations and/or board to improve its financial performance.
“We are very excited about the future of Kohl’s under the leadership of Tom and have the utmost confidence in his ability to maximize shareholder value,” said Macellum Managing Member Jonathan Duskin.