Kohl’s said that Siobhan Mc Feeney, 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 into Chief Executive Officer 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 just about two weeks after Kohl’s announced it was terminating talks to sell its business, saying that the retail environment has significantly deteriorated since the beginning of what turned into a months-long 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 relative to last year.
Retailers including Kohl’s continue to grapple with supply chain complications as the cost to transport goods from overseas weighs on profits and as resources including truck drivers and pallets to move inventory 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 hoped for. The challenges are likely to persist through the all-important holiday season, too.
Kohl’s shares closed Friday at $28.23, down more than 42% year to date.