While investors were happy to see some change at Kohl’s, they were not so keen to see Bergh preparing to step aside at Levi’s.
He noted that Kohl’s digital business — at about $6 billion — is the size of Levi’s overall.
“We are also pleased that Tom and our group’s other designee, Margaret Jenkins, will be part of the new committee tasked with identifying the right permanent leader for the business,” the two investors said. “Ancora has been a long-term shareholder of Kohl’s and believes that under the right leadership, the company can be a source of tremendous value for investors, customers, suppliers and employees.
“But I rate her performance way above average,” Palmer said. “She brought Sephora to Kohl’s, formed a partnership with Amazon, and look at what’s been accomplished in both private and market brands. She’s had a lot of good ideas.” Kohl’s also isn’t the only major retailer or fashion company looking for a new leader. Gap Inc. is also on the hunt for a permanent replacement for Sonia Syngal. And in the resale space, The RealReal Inc. is looking to fill the vacancy left by founder Julie Wainwright.
“This will be seen as a sacrificial offering to investors, who have long pushed for widespread change in the management suite,” Saunders said. “While it is true that Gass has presided over the decline of recent years, she has also been responsible for guiding Kohl’s through the challenging pandemic period and putting in place improvements in assortments, multichannel and store format development…it is fair to say that Gass has saved Kohl’s from more serious decline.
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