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Kohl's Shares Plunge as Earnings Miss Estimates, CEO to Step Down

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Kohl's,Earnings Miss,Tom Kingsbury

Kohl's shares fell sharply after the company reported earnings that missed Wall Street estimates and announced CEO Tom Kingsbury's departure in January. The weak forecast signals a tough holiday season for retail, potentially favoring competitors like Walmart and Amazon. Michaels CEO Ashley Buchanan will take over on Jan. 15.

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.

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Kohl's shares tumble on earnings miss, CEO to step down in JanuaryKohl's announced that CEO Tom Kingsbury is stepping down in January. He will be replaced by Ashley Buchanan, the current chief executive of arts and crafts retailer Michaels.
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