Kevin Mansell, CEO of Kohl's (NYSE: KSS), is reportedly planning to shake up the management of the struggling retailer to boost sales and reorganize the business.
Mansell is looking for a new chief merchant who could eventually be a candidate to succeed him as CEO, say unnamed sources who spoke to The Wall Street Journal.
Kohl's previous chief merchandising officer, Donald Brennan, resigned in April after 13 years with the company and more than three years in the position. Mansell has reportedly reached out to Brendan Hoffman to fill that post. Earlier this year, Hoffman announced plans to leave his post as CEO of Bon-Ton Stores (NASDAQ: BONT) when his contract expires in February, according to The Journal.
Mansell is expected to announce his plans for a management shuffle at a board meeting on Wednesday, the day before the company announces its first quarter earnings.
Mansell, a veteran of the company for three decades, became CEO in 2008. Since he took the helm, the company has struggled, and in the last two years has reported flat or falling same-store sales and declining earnings. Kohl's profit fell 10 percent to $889 million in the year ended Feb. 1, while sales slipped 1.3 percent to $19 billion in the most recent quarter.
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