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Kohl’s loses two senior executives as it looks for a buyer -Breaking

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© Reuters. FILE PHOTO – The sign at the Kohl’s Store in Broomfield Colorado, February 27, 2014 is seen. REUTERS/Rick Wilking

(Reuters) – Kohl’s Corp (NYSE 🙂 announced Wednesday that two of its top executives will be stepping down as they search for a buyer. The move comes amid activist investor pressure to buy the U.S. department stores chain.

Extended trading saw shares of the company fall 3.6% to $41.4

Kohl’s announced that Greg Revelle, Chief Marketing Officer of the company, would depart in June and Doug Howe Chief Merchandising officer would take over effective immediately.

In an email statement, the U.S. department-store chain stated that Revelle and Howe would be leaving to pursue new opportunities. A search is underway for their replacements.

Activist investors Macellum Advisors GP LLC as well as Engine Capital LP, have been calling on Kohl’s for its sale in the recent months.

Macellum Advisors failed to succeed in replacing 10 directors from its board of directors last week.

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