Kohl’s (NYSE:KSS) shares gained ground Tuesday, on word 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.
The chain was in the news last week when it announced it would give away more than $1 million in prizes to in-store shoppers on Black Friday, Nov. 25, through its TGIBF! Sweepstakes as it unveils its Black Friday ad .
The exciting addition to the retailer’s much anticipated Black Friday event, comes as Kohl’s ushers in a month’s worth of deals, beginning today with a longer Black Friday Early Access Sale and culminating with deep Black Friday Week and Cyber Days savings.
Kohl’s — and Gass — have been under pressure from investors. Activist investor Ancora Holdings has pushed the company to remove Gass from the position. Its push for new leadership intensified after Kohl’s terminated talks this summer to sell to the Franchise Group, owner of The Vitamin Shoppe
In a separate release, Levi Strauss & Co. said Gass will step into a new position of president and report to CEO Chip Bergh.
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.
KSS shares began Tuesday up $1.66, or 6.2%, to $28.51.
