Kohl's (KSS) - Get Free Report announced on Tuesday that Kevin Mansell, the retailer's chairman, CEO, and president, will retire in May 2018 after nearly 10 years on the job, and Kohl's Chief Merchandising and Customer Officer Michelle Gass will assume the role of CEO.
Sona Chawla, Kohl's Chief Operating Officer, will assume the role of president.
Shares of Kohl's were were rising over 1.2% during Tuesday morning trading following the announcement.
"It has been a privilege to spend 35 years at Kohl's, 19 years on the board and nearly 10 as CEO," said Mansell. "I look forward to this last year of my career, building on the positive momentum we have going into the holidays, furthering the development of our operational excellence and traffic-driving plans and ensuring a seamless transition for our associates, partners and shareholders."
Gass, who is set to take the reigns of the retailer whose shares are lower over 5% year-to-date spent nearly 17 years at Starbucks (SBUX) - Get Free Report where she held a variety of leadership roles overseeing marketing.
"I am energized by the challenges we are all facing today in the retail sector," Gass stated. "Kohl's is uniquely positioned through our strong store and omnichannel presence, our powerful brand portfolio and our differentiated value proposition. We are resilient, innovative and agile, and will continue to make investments in our business to provide compelling customer experiences that pave the path for our future success."
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