Kohl’s COO and president makes sudden departure

The chief operating officer and president of Kohl’s Corp has made a sudden exit from the company months after taking on the role.

Dave Alves was appointed to the top position early 2023, however a Securities and Exchange Commission filing by Kohl’s stated that his last day was already on Friday (November 17). The cause of Alves’ exit was not disclosed.

At the time of his appointment, Kohl’s had been undergoing a full-scale shift in its leadership team, having just named a new chief executive officer and chief merchandising officer in response to demands from activist shareholders that called on the company to make changes due to poor performance.

Kohl’s has been experiencing a slew of lacklustre sales over the past year, with second quarter sales continuing the trend of steep decreases falling 4.8 percent, while H1 sales dropped 4.1 percent to seven billion dollars.

For the full year, the company said that it was expecting net sales to decrease in the range of 2 to 4 percent, while its operating margin is forecast to be approximately 4 percent.

At the time, CEO Tom Kingsbury said: “Our second quarter earnings were in line with our expectations.

“We maintained strong sales momentum in Sephora at Kohl’s, reduced inventory by 14 percent, and managed expenses tightly. Further, solid cash flow generation allowed us to reduce our borrowings in the period.”