Kohl’s says its chief technology and supply chain officer is leaving

1 min


164
103 shares, 164 points

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 supply chain officer, Paul Gaffney, is set to depart the retailer on Aug. 1, according to a securities filing.

Kohl’s said that Siobhan McFeeney, who has been with Kohl’s since January 2020 and most recently served as executive vice president of the retailer’s technology division, is set to step into the chief technology role, effective immediately.

The current executive vice president of Kohl’s supply chain will now report to CEO Michelle Gass, a company spokeswoman told CNBC.

Kohl’s didn’t give a reason for Gaffney’s departure in 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 since the beginning of what turned into a monthslong bidding process. Kohl’s had narrowed down a list 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 prior forecast of a low single-digits decline.

Retailers in the U.S. have continued to grapple with supply chain complications as the cost to transport goods from overseas weighs on profits and as resources to move inventory — from truck drivers to pallets — remain hard to come by.

This dynamic has backlogged shipments and means that many retailers are receiving orders of goods weeks or even months after 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 more than 42% year to date.

Source: CNBC


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164
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