Kohl’s promotes new CEO
Kohl’s replaces previous CEO, Kevin Mansell, with the former chief merchant and chief customer officer. Michelle Gass becomes the new CEO of Kohl’s after Mansell announces he is stepping down in May of 2018. Although Mansell will be missed, Gass knows what is best for the Wisconsin-based retailer.
Gass was an executive for Starbucks for nearly 17 years and provided innovative ideas when the competition was fierce. You know the frappucinos you have grown to love? Yeah, Gass pioneered those back in 1996. At the time Gass was the youngest of the executives and one of few females. So what does she have in store for one of the biggest retailers in the country?
Kohl’s has teamed up with Amazon to keep up with the rapidly changing retail sector. Many store locations sell Amazon devices and accept their online returns. The retail world has had a rough time since the start of e-commerce, but Gass is not discouraged, she says she is “energized by the challenges we are all facing in the retail sector”.
Louisville President Ramsey steps down
The University of Louisville’s President James Ramsey has been forced to step down. The university’s $760 million endowment that is intended for student scholarships, professor salaries, and other general university needs was being misused.
A $38 million write-off is initially what got the attention of investigators. President Ramsey used the endowment for petty cash and real estate investment opportunities. Some investments were for properties that are no longer in use. The endowment was also used to inflate some salaries of higher up university staff, including Ramsey.
As the state attorney general investigates the spending irregularities, it leaves everyone else contemplating the injustice of universities. The University of Louisville is not the only institution that has misused or lost track of millions. In 2016, Philadelphia’s Temple University was $22 million short for their financial aid budget. Mess ups on this scale raise suspicions for universities and they, in turn, lose credibility.