Kohl’s Names New CEO
Michael Bender, who was interim CEO, takes on permanent post.
Kohl’s. Photo by Mike Mozart. (CC BY 2.0).
The board of Kohl’s Corp. has selected one of its own to lead the retail company.
After announcing board member Michael Bender would serve as the interim CEO in May, the Menomonee Falls-based company is removing the interim label and making Bender the permanent CEO.
“Over the past several months as interim CEO, Michael has proven to be an exceptional leader for Kohl’s – progressively improving results, driving short and long-term strategy, and positively impacting cultural change,” said Board Chair John Schlifske in a statement issued Monday morning. “With three decades of leadership experience across retail and consumer goods companies and a deep commitment to the Kohl’s brand, we are confident Michael will continue to lead the Company forward in a way that will benefit our associates, customers, and shareholders.”
Bender was previously CEO of Eyemart Express and an executive with Walmart.
“I’m honored to take on the role of CEO at Kohl’s. Working with the teams over the last six months has deepened my love of this company and my conviction in what’s possible for our future,” said Bender. “Kohl’s has a storied and important role in the retail industry, serving and celebrating families with great products, compelling value, and a differentiated shopping experience. I’m looking forward to reestablishing our leadership position by putting our customers first every day. While we’re pleased by our recent progress, we’re deeply motivated to accelerate our transformation – together with our partners, vendors, and incredible Kohl’s associates all across the country.”
Bender was hired after the board fired CEO Ashley Buchanan for cause after less than five months on the job. According to a Securities and Exchange Commission filing, Buchanan directed the company into a relationship with a business with which he had a personal connection and that involved “highly unusual terms favorable to the vendor.”
The new CEO will retain his board seat. He has served on the board since 2019. He served as board chair from May 2024 until his appointment as CEO.
Kohl’s is scheduled to announce its third-quarter earnings on Tuesday.
The retailer has faced challenges in recent years, but recent financial indicators suggest a potential turnaround. In August, it reported second-quarter sales of $3.35 billion, a 5.1% year-over-year decline. The company, however, experienced gross margin improvement of 28 basis points to 39.9% and saw its income rise to $279 million versus $161 million in the second quarter of 2024. Its inventory was down 5% year-over-year and operating cash flow more than doubled to $598 million.
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