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Kohl’s (NYSE:KSS) is gaining 5% in pre-open trading Thursday after recently appointed CEO Thomas Kingsbury disclosed the purchase of over $2 million in stock overnight.
In an SEC filing late Wednesday, Kingsbury disclosed that he bought 92,500 shares of common stock on 03/29/23 at an average price of $21.82 per share.
The value of the purchase was $2,018,350 and brings Kingsbury’s direct stake to 228,993 shares.
Kingsbury took over as CEO of the retailer on February 2, 2023, after serving as Interim CEO since December 2, 2022. Before working at Kohl’s, Kingsbury was President and CEO of Burlington Stores (NYSE:BURL) from 2008-2019 and was Burlington Stores’ Chairman from 2014 to 2019 and as Executive Chairman from 2019 to 2020.
The Kingsbury CEO news in February brought with it a cooperation agreement with activist investor Macellum Advisors GP, which was pushing for a board refresh.
Managing Member of Macellum, Jonathan Duskin, remarked at that time “we are very excited about the future of Kohl’s under the leadership of Tom and have the utmost confidence in his ability to maximize shareholder value.”
