Michelle Gass, CEO of department store chain Kohl's, is stepping down from her role early next month and will become the president of denim giant Levi Strauss & Co.
FILE - A pair of shoppers arrive at a Kohl's, Nov. 26, 2021, in Everett, Mass. Michelle Gass, CEO of department store chain Kohl's, is stepping down from her role early next month and will become the president of denim giant Levi Strauss & Co. Levi's said Tuesday, Nov. 8, 2022, in a release that Gass will start on Jan. 2, and the board of directors has put in motion a succession plan for her to succeed Chip Bergh as president and CEO in the next 18 months.
Kohl's said in a separate release that Gass plans to step down on Dec. 2 and Tom Kingsbury, a board director, will serve as interim CEO. Kohl’s struggled with anemic sales before the pandemic. Sales and profits rebounded in 2021, but the department store is now battling higher costs and a pullback from its price-conscious shoppers who are being more cautious with their spending in the face of rising prices for gas, food, and just about everything else.he owner of Vitamin Shoppe, citing economic conditions.for the year after being forced to cut prices to shed unwanted merchandise.
Saunders, however, added that Kohl's needs to find a permanent replacement as quick as possible as retailers face a challenging year.
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