Kohl's names new CEO

Menomonee Falls, Wis. Kohl's Corp. announced Thursday that chairman Larry Montgomery has resigned as CEO and will be replaced in that role by the retailer's president, Kevin Mansell.

The changes come as the company has been facing a sales slowdown amid a weakening economic environment.

Montgomery will remain as chairman and will hold full-time management responsibilities for the company's strategic growth and talent-management initiatives. Montgomery will continue to manage Kohl's human resources, legal and real estate departments.

As president and chief executive, Mansell, a 26-year-veteran of Kohl's who has served as president since 1999, will be responsible for the development and execution of strategic initiatives, day-to-day operations and long-term growth plan.

In addition to his current management responsibilities that include merchandise and store planning and business development, Mansell will also manage finance and store operations.