Kohl’s appoints Michael Bender CEO after turbulent year

Cole It said Monday that Michael Bender, who served as its interim CEO, will become its permanent CEO as the store tries to return to sales growth.

He became the department store’s third CEO in nearly three years. This step is effective as of Sunday.

Bender, who had been a director of Kohl’s board since July 2019, became the company’s interim CEO in May. The retailer appointed Bender to the position after sacking CEO Ashley Buchanan after just a few months in the role.

Kohl’s fired Buchanan after it said a company investigation found he had pushed for deals with a seller with whom he had a personal relationship. That person was Chandra Holt, a former retail executive who was in a romantic relationship with Buchanan.

Kohl’s leadership announcement comes one day before the retailer reports fiscal third-quarter earnings. Along with the leadership turmoil, Kohl’s suffered from declining sales. The company said in August that it expects net sales to decline 5% to 6% for the fiscal year.

Kohl’s has seen several changes at the top since former CEO Michelle Gass left the company in 2022 to join Levi Strauss & Co., where she later succeeded then-CEO Chip Berg. She was followed at Kohl’s by Tom Kingsbury, then a member of the company’s board of directors, who became interim and then permanent CEO.

Bandar, 64, previously held leadership and management positions at retailers including Victoria’s Secret, Walmart, and Emart Express. In addition to his role as CEO, Bandar will continue to serve on the company’s board of directors.

In a press release, Chairman John Schlefsky said Kohl’s hired an outside firm and “conducted an exhaustive search” for the retailer’s new leader. He said Bender is the right person for the position because of his “three decades of leadership experience across retail and consumer goods companies and his deep commitment to the Kohl’s brand.”

“Over the past few 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 influencing cultural change,” he said.

Bender said in the press release that he is pleased with the progress the company has made, but there is still work to be done.

“Kohl’s plays an important and important role in the retail industry, serving and celebrating families with great products, compelling value and an outstanding shopping experience,” he said. “I look forward to regaining 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 about 12%.