Michael Bender named Kohl’s Interim CEO.
Courtesy: Kohl’s
Kohl’s said Monday that Michael Bender, who has served as its interim CEO, will become its permanent chief executive as the department store tries to get back to sales growth.
He becomes the third CEO for the department store in about three years. The move is effective as of Sunday.
Bender, who has been director of Kohl’s board since July 2019, became the company’s interim CEO in May. The retailer appointed Bender to the position after firing CEO Ashley Buchanan after just a few months into his tenure.
Kohl’s fired Buchanan after it said a company investigation found that he had pushed for deals with a vendor with whom he had a personal relationship.
Kohl’s leadership announcement comes a day before the retailer reports fiscal third-quarter earnings. Along with leadership turmoil, Kohl’s has struggled with declining sales. The company said in August that it expects net sales to drop by 5% to 6% for the fiscal year.
Bender, 64, previously held leadership and management roles at retailers including Victoria’s Secret, Walmart and Eyemart Express. Along with his role as CEO, Bender will continue to serve on the company’s board.
In a news release, board chair John Schlifske said Kohl’s hired an external firm and “conducted a comprehensive search” for the retailer’s new leader. He said Bender is the right person for the job because of his “three decades of leadership experience across retail and consumer goods companies and a deep commitment to the Kohl’s brand.”
“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,” he said.
Bender said in the news release that he’s pleased by the company’s progress, but there’s still work to do.
“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,” he said. “I’m looking forward to reestablishing our leadership position by putting our customers first every day.”
Over the past five years, Kohl’s shares have fallen by about 53%. So far this year, its stock is up nearly 12%.
