Kohl’s says two top executives are leaving, as company seeks buyer

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  • Kohl’s said Wednesday that it is losing two of its top executives, as the retailer searches for a potential buyer amid pressure from activists to sell the business.
  • Doug Howe, Kohl’s chief merchandising officer, is departing immediately, the retailer said in a securities filing.
  • Greg Revelle, chief marketing officer, is expected to depart June 1.

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Kohl’s said Wednesday that it is losing two of its top executives, as the retailer searches for a potential buyer amid pressure from activists to sell the business.

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Doug Howe, Kohl’s chief merchandising officer, is departing immediately, the retailer said in a securities filing. Greg Revelle, chief marketing officer, is expected to depart June 1.

Kohl’s shares fell nearly 5% in extended trading on the news.

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The company didn’t give reasons for their departures. It also didn’t detail its plans to replace them.

A Kohl’s spokesperson didn’t immediately respond to CNBC’s request for additional information.
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The filing comes the night before Kohl’s is set to report its fiscal first-quarter earnings ahead of the market open on Thursday.

The report will be widely watched, for a number of reasons. For one, Kohl’s has been facing ample pressure from activist investors in recent months to overhaul its board of directors and to find a new buyer.

Just last week, Kohl’s shareholders voted to reelect the company’s current slate of 13 board directors, trumping Macellum Advisors’ proposal for a new slate of people. But Macellum responded that it will still be holding Kohl’s accountable for its decisions in the months ahead. Chiefly, the activist firm wants the retailer to find a new buyer, arguing that current Kohl’s Chief Executive Officer Michelle Gass hasn’t done enough to grow sales.

Kohl’s has been working with bankers at Goldman Sachs to evaluate bids. Earlier this year, it rejected a proposal from Starboard-backed Acacia Research, at $64 per share, that was deemed to be too low.

Kohl’s shares closed Wednesday down 11% at $43.13.

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Credit: www.cnbc.com /

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