Kohl’s names Michael Bender CEO after turbulent year

Kohl’s Michael Bender, who has been serving as interim CEO as the store tries to return to sales growth, will become permanent general manager, he said Monday.

He becomes the store’s third CEO in nearly three years. The move will be effective from Sunday.

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

Kohl’s fired Buchanan after a company investigation found he had pressured a deal with a retailer with whom he had a personal relationship.

Kohl’s leadership announcement comes a day before the retailer reports fiscal third-quarter earnings. Kohl’s has struggled with leadership turmoil as well as declining sales. The company said in August it expected net sales to fall 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. Bender will continue to serve on the company’s board of directors in addition to his role as CEO.

In a press release, executive chairman John Schlifske said Kohl’s hired an outside firm and “conducted an extensive 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 in retail and consumer goods companies and his deep commitment to the Kohl’s brand.”

“Over the past several months, Michael has proven to be an outstanding leader for Kohl’s as interim CEO, increasingly 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 has a long-established and important role in the retail industry by celebrating and providing families with great products, compelling value and a differentiated shopping experience,” he said. “I look forward to re-establishing our leadership position by putting our customers first every day.”

Over the past five years, Kohl’s shares have fallen nearly 53%. Its shares are up about 12% so far this year.