- Strong signs for push-out forces
- After around 13 years on the job
- Laud, praise, thanks, regret and good wishes for McDonald
- Search for a successor
(management-change.com) — Menomonee Falls, Wisconsin, November 10, 2016 — Wes McDonald, finance chief of Kohl’s, leaves. As announced by Kohl’s Corp. in a news release and in a regulatory filing published on Wednesday, November 09, 2016, Wesley S. (Wes) McDonald leaves the post as chief financial officer at the department store retail chain in a surprising move after around 13 years on the job.
It is the end of an era.
McDonald’s retirement will be effective on a date to be mutually agreed upon by McDonald and the Company, but no later than July 2017.
Kohl’s will undertake a search for a successor.
No reason given
In the announcement, Kohl’s did not explicitly explain the reason for McDonald’s move, opening the door for speculation.
“His intent to retire”
Kohl’s said: “On November 8, 2016, Wesley S. McDonald, Chief Financial Officer of Kohl’s Corporation …, notified the Company of his intent to retire after 14 years of service to the Company”.
Precise information about the future plans of McDonald was not immediately available.
Share price decline
The change follows a decline in the share price of Kohl’s Corp. since April 2015.
Chaired by Kevin Mansell
Kohl’s Corp. is chaired by Kevin Mansell.
Kevin Mansell, chairman, chief executive officer and president, is responsible for Kohl’s long-term growth and profitability, along with strategic direction.
On the job as CFO since 2003
McDonald has been the Chief Financial Officer of Kohl’s Corp. since August 2003.
McDonald oversees Kohl’s financial planning and analysis, investor relations, financial reporting, accounting operations, tax, treasury, non-merchandise purchasing, credit and capital investment strategies.
McDonald joined Kohl’s in 2003 as executive vice president, chief financial officer and was promoted to senior executive vice president, chief financial officer in 2010.
He has been instrumental in leading Kohl’s financial portfolio and delivering dividends to shareholders. McDonald was promoted to the principal officer position of chief financial officer in 2015.
Prior to joining Kohl’s, McDonald was chief financial officer with Abercrombie & Fitch and held leadership positions with Target Corporation.
McDonald has more than 25 years of retail experience.
McDonald intends to then remain with the Company as a Senior Advisor for an additional year to assist with an orderly transition and with special projects.
As a general rule, when a top leader announces to step aside with no successor available, it’s a signal that the move was unplanned and too early.
Generally speaking, possible causes for an unexpected management change may be, among others, disagreement, health reasons, urgent family reasons or surprising new career opportunities.
Strong signs for push-out forces
It is not completely certain what forces eventually triggered Wes McDonald’s move.
The Push-out Score™ determined by management-change.com suggests strong signs for push-out forces that may have contributed to the management change.
Read the full story in the management-change.com report 42.2016 ($).