“On November 17, 2023, Kohl’s Corporation (the “Company”) announced that Dave Alves, the Company’s President and Chief Operating Officer, will be departing the company effective November 17, 2023,” the retailer said in a filing with the Securities and Exchange Commission (SEC) dated Monday (Nov. 20).
No further details were offered in the filing.
Reached by PYMNTS, a Kohl’s spokesperson provided a statement saying that Alves is leaving the company to pursue other opportunities.
“We thank Dave for his leadership and wish him all the best in his future endeavors,” the statement said.
Alves was appointed to the roles in February and assumed the positions two months later, in April. He joined Kohl’s with three decades of experience in the retail sector.
When announcing the appointment in a February press release, Kohl’s CEO Tom Kingsbury said: “Kohl’s is a tremendous company with a strong and loyal customer base, and Dave is joining us at a time we are elevating our business and our offerings for the next generation of shoppers. His deep retail background in department stores and off-price, and his experience across U.S. and global markets will be a great addition to our team.”
Kohl’s made its SEC filing a day before it is scheduled to report its third-quarter results on Tuesday (Nov. 21), Retail Dive reported Monday.
During its most recent quarter, the retailer’s store comps were down 5% year over year and its profits dropped 60%, the report said. Kohl’s has also faced pressure from activist investors to sell some assets and to shake up its leadership.
On Nov. 8, the retailer announced a planned transition to its board of directors as well as the appointment of a new independent director.
Board Chair Peter Boneparth will retire at the end of his current term in May 2024, and Michael Bender will become the next board chair at that time, Kohl’s said in a Nov. 8 press release.
In addition, Adolfo Villagomez was appointed as a new independent director, effective Nov. 7 as part of a “continuous Board refreshment process” at Kohl’s, the release said.