People walk near a Kohl’s department store entranceway on June 07, 2022 in Doral, Florida.
Joe Raedle | Getty Images
Kohl’s said its chief technology and provide chain officer, Paul Gaffney, is about to depart the retailer on Aug. 1, in accordance with a securities filing.
Kohl’s said that Siobhan McFeeney, who has been with Kohl’s since January 2020 and most recently served as executive vp of the retailer’s technology division, is about to step into the chief technology role, effective immediately.
The present executive vp of Kohl’s supply chain will now report back to CEO Michelle Gass, an organization spokeswoman told CNBC.
Kohl’s didn’t give a reason for Gaffney’s departure within the 8-K filing with the Securities and Exchange Commission. Gaffney wasn’t immediately available to comment.
News of Gaffney’s departure comes about two weeks after Kohl’s announced it was terminating talks to sell its business, saying the retail environment has significantly deteriorated for the reason that starting of what become a monthslong bidding process. Kohl’s had narrowed down an inventory of potential bidders to The Vitamin Shoppe owner Franchise Group.
Kohl’s also in late June cut its outlook for the fiscal second quarter, citing softer consumer spending amid decades-high inflation. It now sees sales down high single digits, compared with a previous forecast of a low single-digits decline.
Retailers within the U.S. have continued to grapple with supply chain complications as the price to move goods from overseas weighs on profits and as resources to maneuver inventory — from truck drivers to pallets — remain hard to come back by.
This dynamic has backlogged shipments and signifies that many retailers are receiving orders of products weeks and even months after that they had planned. These challenges are expected to persist through the all-important holiday season, too.
Kohl’s shares closed Friday at $28.23, down greater than 42% 12 months to this point.