Kohl’s mentioned Monday that Michael Bender, who has served as its interim CEO, will develop into its everlasting chief government because the division retailer tries to get again to gross sales progress.
He turns into the third CEO for the division retailer in about three years. The transfer is efficient as of Sunday.
Bender, who has been director of Kohl’s board since July 2019, grew to become the corporate’s interim CEO in Could. The retailer appointed Bender to the place after firing CEO Ashley Buchanan after only a few months into his tenure.
Kohl’s fired Buchanan after it mentioned an organization investigation discovered that he had pushed for offers with a vendor with whom he had a private relationship. That particular person was Chandra Holt, a former retail government who had a romantic relationship with Buchanan.
Kohl’s management announcement comes a day earlier than the retailer stories fiscal third-quarter earnings. Together with management turmoil, Kohl’s has struggled with declining gross sales. The corporate mentioned in August that it expects web gross sales to drop by 5% to six% for the fiscal 12 months.
Kohl’s has had many modifications on the high since former CEO Michelle Gass left the corporate in 2022 to hitch Levi Strauss & Co., the place she later succeeded then-CEO Chip Bergh. She was adopted at Kohl’s by Tom Kingsbury, a then-board member of the corporate, who grew to become interim after which everlasting CEO.
Michael Bender named Kohl’s Interim CEO.
Courtesy: Kohl’s
Bender, 64, beforehand held management and administration roles at retailers together with Victoria’s Secret, Walmart and Eyemart Specific. Alongside together with his function as CEO, Bender will proceed to serve on the corporate’s board.
In a information launch, board chair John Schlifske mentioned Kohl’s employed an exterior agency and “carried out a complete search” for the retailer’s new chief. He mentioned Bender is the correct particular person for the job due to his “three many years of management expertise throughout retail and client items corporations and a deep dedication to the Kohl’s model.”
“Over the previous a number of months as interim CEO, Michael has confirmed to be an distinctive chief for Kohl’s – progressively enhancing outcomes, driving quick and long-term technique, and positively impacting cultural change,” he mentioned.
Bender mentioned within the information launch that he is happy by the corporate’s progress, however there’s nonetheless work to do.
“Kohl’s has a storied and essential function within the retail trade, serving and celebrating households with nice merchandise, compelling worth, and a differentiated procuring expertise,” he mentioned. “I am trying ahead to reestablishing our management place by placing our clients first day-after-day.”
Over the previous 5 years, Kohl’s shares have fallen by about 53%. Thus far this 12 months, its inventory is up practically 12%.
