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

Kohl’s claimed Wednesday that it is getting rid of two of its best executives, as the retailer lookups for a probable purchaser amid force from activists to market the enterprise.

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

Kohl’s shares fell extra than 4% in extended trading.

The enterprise stated Howe and Revelle have been leaving to pursue prospects in other places.

“A look for for the replacements is presently underway,” Kohl’s mentioned. “In the meantime, we have a deep bench of marketing and advertising and merchandising expertise that will guarantee the continued execution of our procedures.”

The submitting comes the night time right before Kohl’s is set to report its fiscal first-quarter earnings ahead of the sector open up on Thursday.

The report will be commonly viewed, for a quantity of reasons. For one, Kohl’s has been experiencing sufficient strain from activist investors in new months to overhaul its board of administrators and to find a new consumer.

Just past week, Kohl’s shareholders voted to reelect the company’s recent slate of 13 board directors, trumping Macellum Advisors’ proposal for a new slate of persons. But Macellum responded that it will continue to be keeping Kohl’s accountable for its selections in the months ahead. Mainly, the activist company needs the retailer to obtain a new purchaser, arguing that recent Kohl’s Chief Govt Officer Michelle Gass hasn’t performed ample to increase sales.

Kohl’s has been doing the job with bankers at Goldman Sachs to evaluate bids. Previously this year, it rejected a proposal from Starboard-backed Acacia Analysis, at $64 per share, that was deemed to be as well lower. 

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