Kohl’s Chief Executive Officer Michelle GassSource: Kohl’sKohl’s said Tuesday that CEO Michelle Gass is leaving for a new opportunity after the retailer came under pressure to shake up its leadership.In a separate release, Levi Strauss & Co. said Gass will join the company in early January as president and step into the role of CEO within the next 18 months, succeeding Chip Bergh.Shares of Kohl’s were up about 10% in early afternoon trading. Shares of Levi were down about 2%.Kohl’s — and Gass — have faced scrutiny and skepticism from investors, as the retailer invested in refreshing its brand and reported lackluster sales results. Activist investor Ancora Holdings has pushed Kohl’s to remove Gass from the position. Another activist investor, Macellum Advisors, also urged a change in leadership, including an ouster of the company’s chairman.The calls for a shakeup intensified after Kohl’s ended talks this summer to sell to the Franchise Group, owner of The Vitamin Shoppe, sending its stock plummeting.On Tuesday, Kohl’s said Tom Kingsbury, a Kohl’s director, will serve as interim CEO as it searches for a permanent leader. The leadership change will take effect on Dec. 2.In preliminary third-quarter results announced Tuesday, Kohl’s said it anticipates comparable sales to be down 6.9% in the three-month period ended Oct. 29, with net sales down 7.2%, from a year ago. The company plans to release its full quarterly results on Nov. 17.Kohl’s board has rebuffed criticism from activist investors and pressed ahead with plans to redesign stores, add new brands and …
