The CEO of the company is leaving for a new opportunity.
Gass will become the company's CEO within the next 18 months, according to the release. The company's CEO will be replaced by her.
The results of the third quarter have been released. Net sales are expected to be down 7.2% from a year ago. The full results are expected to be released in November.
There was a 9% increase in shares of Kohl's before the market opened. Levi's shares were down before the market opened.
The investors have been putting pressure on the companies. Ancora has pushed the company to take Gass out of the position. Macellum Advisors has called for the removal of the company's chairman.
After Kohl's ended talks to sell to the Franchise Group, the calls for a leadership shakeup increased.
The board of the retailer shook off the criticism and went ahead with plans to redesign stores, add new brands and offer more e- commerce options for customers. It struck a deal with Sephora to open hundreds of beauty shops in its stores, and now plans to add them to all of its stores.
The new store format in Washington has a smaller footprint, more mannequins, and a merchandise assortment geared towards local preferences. Self pick-up at all stores has been added ahead of the holidays.
The leadership change will take place in December. The interim CEO was appointed by the board.
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