Exhibit 99.1
Kohl’s Announces CEO Transition Process
| | ● | Michelle Gass Plans to Step Down December 2; Tom Kingsbury to Serve as Interim CEO |
| | ● | Company Provides Preliminary Third Quarter 2022 Sales and Earnings Results |
MENOMONEE FALLS, Wis., November 8, 2022 — Kohl’s Corporation (“Kohl’s” or the “Company”) (NYSE: KSS) today announced that Chief Executive Officer Michelle Gass plans to step down as CEO and member of the Kohl’s Board of Directors (the “Board”), effective December 2, 2022, to accept another opportunity.
The Board appointed Tom Kingsbury to serve as interim CEO from December 2, 2022 until a permanent successor is named. The Board also formed a committee of the Board, led by Michael Bender and including Christine Day, Margaret Jenkins, Peter Boneparth and Tom Kingsbury, to oversee the search for a new CEO.
Board Chair Peter Boneparth stated, “The Board is grateful for Michelle’s many contributions since she joined the Company in 2013. Under her leadership, the Company has driven a strategic transformation, expanded its partnerships and brand portfolio, and supported an inclusive and collaborative culture. On behalf of all Kohl’s associates, we wish her well in her next endeavor.”
Boneparth added, “Tom is highly regarded and perfectly equipped to take the role of Interim CEO, and the Board looks forward to working closely with him and the team to facilitate a smooth transition process and continue driving Kohl’s strategy.”
Gass stated, “I am incredibly proud of what the team at Kohl’s has accomplished and I’m very confident in their ability to drive continued innovation, growth and value for customers. Kohl’s associates and brand partners are an inspiration to me, and I am truly grateful to have had the opportunity to work with this great team and company.”
Kingsbury stated, “I’m proud and humbled to take the Interim CEO role during such an important time for the Company. Despite a challenging economic environment, Kohl’s is well positioned for long-term success with its unique off-mall store footprint, omnichannel presence, and loyal customer base. The Board and I are committed to the continued refresh and innovation strategy Kohl’s has begun, the cornerstone of which is the terrific partnership we have with Sephora. I firmly believe in the long-term potential of this Company, our associates and our ability to deliver value for shareholders.”
A Kohl’s Director since 2021, Mr. Kingsbury has an accomplished career in senior positions at leading retailers, including President and CEO of Burlington Stores, Senior Executive Vice President of Kohl’s, and several management positions at The May Department Stores Company, including President and CEO of its Filene’s division. He is currently a Director of Tractor Supply Company, BJ’s Wholesale Club Holdings, Inc. and Big Lots, Inc.
Preliminary Third Quarter 2022 Sales and Earnings Results
Kohl’s is providing preliminary unaudited results for the three months ended October 29, 2022, based on currently available information. The Company’s independent auditor has not completed a review of these preliminary estimated financial results. The Company has not yet completed its reporting process for this period and actual results may differ materially from these preliminary financial results. In addition, these preliminary results are not necessarily indicative of results to be expected for any future period, including the year ending January 28, 2023. This preliminary financial data has been prepared by and is the responsibility of the Company.
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