It was recently announced that Kohl’s CEO, Michelle Gass, is leaving the company to join Levi Strauss as its new CEO. This news comes as a surprise to many, as Gass has been with Kohl’s for over 20 years and is credited with turning the company around. So, what does this mean for Kohl’s? And what does it say about the current state of the retail industry?
Kohl’s CEO Michelle Gass To Depart To Join Levi
Kohl’s CEO, Michelle Gass, is set to depart from the company to join Levi Strauss.
Gass has been with Kohl’s for over five years and has been instrumental in turning the company around. Kohl’s has done well financially and gotten back to being one of the best places to shop thanks to her leadership.
However, Gass will now be leaving Kohl’s to take on the role of CEO at Levi Strauss. Levi Strauss is a much smaller company than Kohl’s, but it is an iconic brand with a rich history.
Gass’s departure from Kohl’s is a big loss for the company, but it remains in good hands. While the company looks for a permanent replacement, COO Doug Howe will take over as CEO.
Michelle Gass to leave Kohl’s after 14 years
After 14 years with Kohl’s, CEO Michelle Gass is leaving the company to join Levi Strauss.
Gass has been with Kohl’s since 2006 and has been instrumental in growing the company into the $19 billion retailer it is today. She will be leaving her role as CEO on October 1st but will remain on the board of directors until the end of the year.
Kohl’s president, Timothy Barkley, will take over as CEO on October 1st. Barkley joined Kohl’s in 2013 and has been responsible for driving growth in key areas such as digital and store operations.
Joining Levi Strauss as CEO
In a surprise move, Kohl’s CEO Michelle Gass is leaving the retail giant to join Levi Strauss as its new CEO.
Gass has been with Kohl’s for more than 20 years and has been credited with turning around the company’s fortunes in recent years. She will be replaced by Kohl’s veteran chief operating officer, Richard Schepp.
Levi Strauss is one of the world’s most iconic brands, and Gass will be tasked with continuing its growth. The company has been on a roll lately, thanks to strong demand for its products in Asia and Europe.
Gass is a well-regarded retail executive, and her appointment is sure to bring fresh energy to Levi Strauss.
What this means for Kohl’s
After serving as CEO of Kohl’s for the past four years, Michelle Gass is leaving the company to join Levi Strauss as its new president and CEO. During her time at Kohl’s, Gass helped lead the company through a time of change. She did things like repositioning the brand, refreshing the merchandise selection, and putting money into digital capabilities.
“What this means for Kohl’s”
With Gass at the helm, Kohl’s has been on a journey to reinvent itself – and that journey is far from over. Even though Kohl’s will miss her, interim CEO Bruce Besanko is a good fit for the company and will help it continue to turn around.
Besanko, who was appointed COO in 2019, has been with Kohl’s for more than 20 years and has a deep understanding of the business. He will be helped by a strong management team that includes Chief Merchandising Officer Greg Revelle and Chief Financial Officer Wesley McDonald.
Kohl’s also has a number of other things working in its favor: a loyal customer base, a strong balance sheet, and a portfolio of well-performing stores. Kohl’s is set up for continued success with Besanko at the helm and a strong foundation in place.
How Gass helped Kohl’s during her tenure
In her three years as CEO of Kohl’s, Michelle Gass helped turn the company around and make it a strong competitor in the retail sector. Kohl’s grew its number of stores, improved its online presence, and added brands and products that younger shoppers liked while she was in charge.
Gass also turned around Kohl’s, which had been losing money for several years, and made it profitable again. Under her leadership, the company cut costs and made its operations better, which made it a more efficient and effective business.
In addition, Gass was instrumental in helping Kohl’s navigate the COVID-19 pandemic. During the crisis, she put in place plans that helped the company stay open and keep serving customers.
Thanks to Gass’s leadership, Kohl’s is in a strong position today. The company is in a good position to compete in the future, and Gass has left behind something that will last.
Conclusion
Though it is always difficult to see a CEO leave a company, we think this move will be good for both Kohl’s and Levi Strauss. Michelle Gass has been an excellent CEO for Kohl’s, and we believe she will do great things at Levi Strauss. We wish her all the best in her new role and know that she will continue to be a powerful force in the retail industry.
