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Kohl’s Chief Executive Officer Michelle Gass
Source: Kohl’s
Kohl’s said Tuesday that CEO Michelle Gass is leaving the company for a new opportunity.
The retailer also announced preliminary third quarter results. It said comparable sales fell 6.9% in the period, with net sales down 7.2%, from a year ago.
Shares rose about 12% in premarket trading after Kohl’s announced the news.
Kohl’s said the leadership change will take effect on Dec. 2. The board appointed Tom Kingsbury, a Kohl’s director since last year, to serve as interim CEO.
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This article was originally published by Cnbc.com. Read the original article here.