Kohl’s selects new CEO, signs cooperation agreement with activist shareholder
American chain retailer Kohl’s Corporation has named Tom Kingsbury as its new chief executive officer, effective immediately.
Kingsbury has served in an interim capacity for the role since December 2, 2022, and, with the new appointment, will continue to serve on the company’s board.
Speaking on the news, board chair Peter Boneparth said in a release that Kingsbury’s track record of growing retail businesses made him the right choice for the position.
Boneparth continued: “Since joining the board, Tom has added valuable insights and perspective, and as interim CEO, he has demonstrated strong leadership and made a meaningful and positive impact on the organisation.”
Kingsbury boasts over 40 years of retail industry experience, and has served in executive leadership and board roles at the likes of Kohl’s, Burlington Stores and The May Department Stores Company.
Macellum approves appointment
In the release, Kingsbury added: “This is a pivotal time for Kohl’s, and I am excited and energised to work with our talented team to elevate our performance and create value.
“During the last few months, I have seen the passion and dedication of the Kohl’s team and the unique value we can bring to our customers nationwide. I look forward to partnering with the board and leadership team to build on our strengths and deliver on our strategy for our shareholders and other stakeholders.”
With the announcement, Kohl’s also stated that it had entered into a cooperation agreement with its activist investor Macellum Advisors, which agreed to a multi-year standstill, voting and other provisions.
The firm called on Kohl’s in October last year to implement a targeted board refresh in light of declining sales, a scrapped sales process and the departure of valuable board members.
Following the new agreement, managing member of Macellum, Jonathan Duskin, said the company was “very excited about the future of Kohl’s under the leadership of Tom and have the utmost confidence in his ability to maximise shareholder value.”