Donald Brennan, chief merchandising officer of Kohl’s Corp., will leave the company on April 1.
Brennan, who has been with the Menomonee Falls, Wis.-based midtier department store since 2001, has been Kohl’s chief merchant since 2007 and earlier served as general merchandise manager of men’s and children’s and executive vice president of merchandising planning and allocation.
Earlier in his 32-year retailing career, he was senior vice president and gmm of men’s and children’s apparel at the Miami-based Burdines division of Federated Department Stores, one of the predecessor companies of Macy’s Inc.
The disclosure of Brennan’s departure came in a regulatory filing with the Securities and Exchange Commission Tuesday morning.
According to the filing, Brennan will receive a onetime severance payment equal to 2.9 times his current salary, which in 2013 was $927,000, plus the average of the three most recent annual incentive compensation plan payments made to him, or about $530,000. He is also entitled to a bonus equal to 17 percent of what he would receive had he been employed by the company for all of 2014 and equity incentive awards as outlined in his earlier agreements.
In 2013, Kohl’s net income dropped 9.8 percent to $889 million, or $4.05 a diluted share, while revenues declined 1.3 percent to $19.03 billion. Comparable sales were down 2 percent in the fourth quarter and 1.2 percent for the year.
Kohl’s SEC filing gave no reason for Brennan’s separation or indications of how his duties would be filled. The company said it is conducting a search for a new chief merchant.