Kohl's President Mansell appointed CEO
NEW YORK (Reuters) - Kohl's Corp (KSS.N), a mid-priced apparel and home goods retailer, said on Thursday that Chief Executive Larry Montgomery would step down from the role, to be succeeded by President Kevin Mansell.
Montgomery will remain chairman at Kohl's and continue to manage its human resources, legal and real estate departments, Kohl's said.
Mansell, who has been with Kohl's for 26 years, first joined Kohl's in 1982 as a divisional merchandise officer, the company said. Mansell's appointment as CEO, in addition to his post as president, is effective immediately.
The news was first reported by the Wall Street Journal, which quoted a Kohl's director as saying the board delayed announcing the change by "a couple of months" to avoid giving the impression that Montgomery was being pressured to resign due to poor performance.
Kohl's profit fell to $236.0 million, or 77 cents per share, in its fiscal second quarter, ended August 2, from $269.2 million, or 83 cents per share, a year earlier.
U.S. retailers have been feeling the pinch of the economy as consumers, forced to spend more on fuel and food, have less money for items like clothing and furniture. A weak housing market has added to shoppers' woes. (Reporting by Ajay Kamalakaran in Bangalore and Aarthi Sivaraman in New York, editing by Dave Zimmerman)
