NEW YORK (AP) — Michelle Gass, CEO of department store chain Kohl's, is stepping down from her role early next month and will become the president of denim giant Levi Strauss & Co.
Levi's said in a release that Gass will start on Jan. 2, and the board of directors has put in motion a succession plan for her to succeed Chip Bergh as president and CEO in the next 18 months. She is expected to join the board of directors on that date.
Kohl's said in a separate release that Gass plans to step down on Dec. 2 and Tom Kingsbury will serve as interim CEO.
The moves, announced Tuesday, come as Kohl's has been under pressure by activist investors to shake up management amid weak sales.
Kohl’s also announced preliminary figures for its third-quarter period. It said that same-store sales will be down 6.9%, while net sales will be down 7.2 % compared to the year-ago period. The company is expected to release its results on Nov. 17.
Shares of Kohl's gained close to 8% in early trading, while shares of Levi's were flat.
