Salem Radio Network News Sunday, July 3, 2022

Business

Kohl’s loses two senior executives as it looks for a buyer

(Reuters) – Kohl’s Corp said on Wednesday two of its senior executives are stepping down from their roles, as the U.S. department store chain hunts for a buyer amid pressure from activist investors to sell itself.

Shares of the company fell 3.6% to $41.4 in extended trading.

Kohl’s said that Chief Marketing Officer Greg Revelle would be departing from the company in June, while Chief Merchandising Officer Doug Howe would leave effective immediately.

The U.S. department store chain said in an emailed statement that Revelle and Howe are leaving the company to pursue other opportunities and that a search for their replacements is already underway.

Over the past few months, activist investors Macellum Advisors GP LLC and Engine Capital LP have called on Kohl’s to sell itself.

Last week, the company’s investors rejected Macellum Advisors’ efforts to replace 10 of its board directors.

(Reporting by Reshma Rockie George; Editing by Amy Caren Daniel)

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