Moving forward with the company’s succession plan, Kohl’s Corporation announced that its board of directors has elected Larry Montgomery to succeed William Kellogg as the chairman of the board. Kellogg, who retired from day-to-day operations in January 2001, will continue as a member of the board and was named presiding director of the non-management board meetings.
A 32-year veteran of the retail industry, Montgomery joined Kohl’s in 1988 as senior vice president – director of stores and was promoted to executive vice president in 1993. He was appointed to the company’s board of directors in 1994 and promoted to vice chairman in 1996. In 1999, he was promoted to chief executive officer.
The company also announced the appointment of Judith Sprieser to the board of directors, effective immediately.
Sprieser is the president and CEO of Transora, Inc. Started in 2000, Transora is a business-to-business e-marketplace for the global consumer products industry. Prior to joining Transora, Ms. Sprieser was executive vice president of Sara Lee Corporation, serving as chief executive officer of Sara Lee’s Food Group. Prior to assuming that post, she served as chief financial officer of Sara Lee Corporation, and in various other financial and operating positions. She currently is a member of the board of directors of Transora, Allstate Insurance Company and USG Corporation. Sprieser also serves on the Northwestern University board of trustees and is a member of the American Institute of Certified Public Accountants.
“We are very pleased to have Judy Sprieser join our board of directors. She brings with her a broad knowledge of corporate finance and accounting, and her extensive operating experience will be of great value to the board,” said Montgomery.
The company also announced the retirement of Herbert Simon from the board of directors. Simon, who is co-chairman of the board of directors of Simon Property Group, Inc. and Melvin Simon & Associates, Inc., has been a member of Kohl’s board since 1988.
“Herb has been very valuable to Kohl’s and has provided tremendous guidance in our growth strategy. We wish him well and thank him for his many years of service,” said Montgomery.
