Leadership Stability Returns: Kohl's Names Michael Bender Permanent CEO Amid Turnaround Push

Kohl’s announced that interim leader Michael Bender will officially become its Chief Executive Officer beginning Sunday, November 24. The company is hoping that placing a permanent executive at the helm will help calm recent leadership turmoil and address its ongoing sales decline.

Bender becomes the retailer’s third CEO in roughly three years, underscoring a period marked by rapid turnover in the top role. The announcement also precedes the release of the company’s fiscal third-quarter results.

The 64-year-old executive has served on Kohl’s board since mid-2019 and stepped in as interim CEO in May. His elevation to the permanent position follows the dismissal of former CEO Ashley Buchanan, who was removed only months after taking the job. An internal review found that Buchanan pushed for vendor arrangements involving former retail executive Chandra Holt, with whom he had a personal relationship that had not been disclosed.

The leadership reshuffling continues a pattern that began when Michelle Gass left the company at the end of 2022 to join Levi Strauss & Co. After her exit, board member Tom Kingsbury briefly led the organization before Buchanan was hired.

Kohl’s continues to grapple with a prolonged decline in revenue. In August, it forecast a 5% to 6% drop in annual net sales. Despite this, the retailer raised its profit outlook during Bender’s first full quarter as interim leader, reporting $153 million in second-quarter profit—more than double the $66 million it posted during the same quarter a year earlier.

Board Chair John Schlifske said Bender’s selection followed a broad search conducted with help from an outside firm. He emphasized Bender’s extensive experience in retail and consumer goods and his strong connection to the Kohl’s brand as reasons for the board’s confidence.

Bender’s résumé includes senior roles at Victoria’s Secret, Walmart—where he served as chief operating officer for global e-commerce—and Eyemart Express. He will retain his board position while serving as CEO.

In a recent interview, Bender described the company’s turnaround progress as being roughly in the “middle innings,” noting that significant improvement still lies ahead. He stressed the importance of winning back customers by offering well-curated, high-quality merchandise that provides clear value, especially as shoppers become more cautious with their budgets.

Some analysts remain wary about Kohl’s prospects. Neil Saunders commented that while Bender’s appointment should bring a measure of steadiness, the more pressing task is to speed up efforts to simplify the company’s product mix and strengthen its fashion appeal to price-sensitive consumers.

Kohl’s stock has seen sharp fluctuations over time. It is up more than 10% year-to-date but has dropped about 53% over the past five years. Since Bender became interim CEO, however, shares have surged roughly 156% through the end of last week.