Kevin Mansell, who has served as the president of Kohl's since 1999, is adding the title of chief executive after Larry Montgomery announced he was resigning the post. Mr. Montgomery will stay on as chairman and assume full-time responsibility for the company's strategic growth and talent management initiatives.
"Having worked with Kevin for over 20 years, I am confident he is the right choice to lead Kohl's Corporation," Mr. Montgomery said in a company statement. "His strategic vision, in-depth management experience, and extensive knowledge of Kohl's and the retail landscape, will allow him to effectively manage the organization for long-term sustainable growth."
Mr. Mansell takes over as CEO at a time when the company faces challenges brought about by an economy where costs are outpacing income gains.
He offered a sobering assessment of near-term prospects in an interview with Reuters. "There is nothing that we see in any of the metrics or nothing I've read independently that would lead you to believe there is any turnaround in the near term for consumers," he said.
Kohl's will continue to focus on managing its inventory and keeping costs down under Mr. Mansell. He isn't expecting any quick fixes even if fuel prices continue to moderate as they have recently.
"If gas prices continue to ease that's a positive, but it's still a positive in an overall picture that's kind of negative," he told Reuters.
Discussion Questions: What do you think Larry Montgomery's legacy will be from his time as CEO of Kohl's? How would you rate Kohl's current competitive position in the marketplace? What will Kohl's need to do under Kevin Mansell to separate it from the pack?