Leadership shift aims to stabilize the retailer
Kohl’s announced that Michael Bender, who has served as interim CEO since May, has been appointed permanent chief executive. The decision, effective Sunday, marks the company’s third CEO change in roughly three years as the retailer works to regain sales momentum. Bender has been a member of Kohl’s board since 2019 and stepped into the interim role following the dismissal of former CEO Ashley Buchanan.
Buchanan was removed after an internal investigation found he had pushed for deals with a vendor with whom he had a personal relationship. His exit further added to a period of leadership instability for the department store chain.
A new chapter after years of turnover
Bender’s appointment follows several leadership transitions since 2022, when former CEO Michelle Gass left to join Levi Strauss & Co. She was succeeded by Tom Kingsbury, a board member who briefly served as interim and later permanent CEO. With Bender, the board emphasized his extensive experience — including roles at Victoria’s Secret, Walmart and Eyemart Express — and his track record of steering Kohl’s through operational and cultural change over the past months.
Board chair John Schlifske said an external search confirmed Bender as the strongest candidate, citing his “three decades of leadership experience across retail and consumer goods companies and a deep commitment to the Kohl’s brand.”
Challenges ahead as sales continue to decline
Kohl’s has struggled with persistent sales declines, forecasting a 5% to 6% drop in net sales for the fiscal year. Ahead of its third-quarter earnings release, the company remains in a turnaround phase that Bender described as “heading toward close to the middle innings.” He pointed to gradual improvement in results and ongoing strategic work aimed at resetting the business.
Bender noted that today’s consumers are both excited and more selective with their spending. He said shoppers expect retailers to deliver curated assortments, strong value and convenience — whether visiting stores or buying online. Meeting these expectations, he added, is key to restoring growth.
Investor sentiment shows cautious optimism
Despite a difficult multi-year stretch that has seen Kohl’s shares fall about 53% over five years, the stock is up nearly 12% so far this year. Investors will look for signs that the leadership change can stabilize performance and improve long-term prospects.
