Kohl’s Names Kevin Mansell Chairman of the Board; Larry Montgomery to Retire after 21 Years
August 26 2009 - 8:00AM
Business Wire
Kohl’s Corporation (NYSE: KSS) Board of Directors announced
today that Kevin Mansell, 57, has been named chairman of the board,
effective September 1, 2009. Mansell, a 27-year veteran of the
organization, will also continue to serve as president and chief
executive officer. This move is part of Kohl’s ongoing executive
succession planning process.
With Kevin Mansell’s appointment, Larry Montgomery, 60, will
retire from his position as chairman of the Board of Directors
effective September 1. Montgomery will continue with the company
and serve on the Board of Directors until January 30, 2010, and has
agreed to provide additional transition assistance following
retirement.
“Larry has been an exceptional leader and our associates,
customers, suppliers and shareholders have benefited under his
tenure,” said Mr. Mansell. “Throughout his career at Kohl’s, he has
demonstrated an unsurpassed commitment to our company and its
mission. As a result, he succeeded in establishing a foundation
that has allowed for significant growth during a steady economy and
financial strength during challenging times.”
“Kevin is a proven executive as he assumes the role of
chairman,” said Mr. Montgomery. “His strategic vision and continued
demonstrated ability to successfully lead, especially in today’s
increasingly challenging and competitive marketplace, positions
Kohl’s for long term success. Kevin, in hand with our seasoned
leadership team and associate base of over 120,000 strong, will
lead Kohl’s into the next decade as an even stronger, more powerful
company with incredible growth opportunity .”
The company will remain focused on its four strategic
initiatives – merchandising, marketing, inventory management and
the in-store experience. This is reflective of the company’s effort
to grow and capture market share while continuing to differentiate
Kohl’s in the marketplace.
Montgomery joined the company in 1988 as senior vice president
and director of stores. During the ensuing years, Montgomery held
the progressive positions of executive vice president and vice
chairman. In 1994, he was appointed to the Board of Directors, and
in February 1999, Montgomery was promoted to chief executive
officer. He has held the position of chairman since 2003.
Mansell joined Kohl’s in 1982 as a divisional merchandise
manager and was promoted to general merchandise manager in 1987.
Over the next nine years, his responsibilities expanded to include
merchandise planning and allocation. Mansell was promoted to senior
executive vice president of merchandising and marketing in 1998.
The following year, he was named president. In 2008, he was named
chief executive officer.
Cautionary Statement Regarding
Forward-Looking Information
This press release contains "forward-looking statements" within
the meaning of the Private Securities Litigation Reform Act of
1995. Kohl's intends forward-looking terminology such as
"believes," "expects," "may," "will," "should," "anticipates,"
"plans," or similar expressions to identify forward-looking
statements. Such statements are subject to certain risks and
uncertainties, which could cause Kohl's actual results to differ
materially from those anticipated by the forward-looking
statements. These risks and uncertainties include, but are not
limited to those described in Item 1A in Kohl's Annual Report on
Form 10-K, which is expressly incorporated herein by reference, and
other factors as may periodically be described in Kohl's filings
with the SEC.
About Kohl's
Based in Menomonee Falls, Wis., Kohl's (NYSE: KSS) is a
family-focused, value-oriented specialty department store offering
moderately priced, exclusive and national brand apparel, shoes,
accessories, beauty and home products in an exciting shopping
environment. Kohl's operates 1,022 stores in 49 states. A company
committed to the communities it serves, Kohl's has raised more than
$126 million for children's initiatives nationwide through its
Kohl's Cares for Kids(R) philanthropic program, which operates
under Kohl's Cares, LLC, a wholly-owned subsidiary of Kohl's
Department Stores, Inc. For a list of store locations and
information, or for the added convenience of shopping online, visit
www.kohls.com.
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