Kohl's shares fell sharply on Tuesday after the company's earnings missed Wall Street estimates and following its announcement that CEO Tom Kingsbury will step down in January. The weak forecast underscores an uncertain holiday season for the retail sector, which could lean in favor of competitors such as Walmart and Amazon.com as customers turn increasingly bargain-focused.
It wrote a letter to the board in 2022 saying the retailer needed leadership that would implement a precise turnaround strategy so it could start producing enhanced value for shareholders. Under Kingsbury, Kohl's Board Chair Michael Bender said the company was "undergoing a transformation to elevate its product portfolio, enhance the store experience and improve its long-term financial health and profitability.