The company announced the change Monday (Nov. 24), nearly seven months after picking Bender to fill-in after the company fired former CEO Ashley Buchanan.
Kohl’s said it worked with a third-party firm and conducted a “comprehensive search” before making its choice, picking Bender as its third CEO in as many years.
“Over the past several 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 impacting cultural change,” said John Schlifske, chair of Kohl’s board.
“With three decades of leadership experience across retail and consumer goods companies and a deep commitment to the Kohl’s brand, we are confident Michael will continue to lead the company forward in a way that will benefit our associates, customers, and shareholders.”
Prior to his time with Kohl’s, Bender served as CEO of optical retailer Eyemart Express. He also held executive management positions at Walmart, including chief operating officer of global eCommerce. Bender also held senior positions at Cardinal Health and Victoria’s Secret after launching his career with PepsiCo.
Advertisement: Scroll to Continue
“I’m honored to take on the role of CEO at Kohl’s. Working with the teams over the last six months has deepened my love of this company and my conviction in what’s possible for our future,” said Bender.
“Kohl’s has a storied and important role in the retail industry, serving and celebrating families with great products, compelling value, and a differentiated shopping experience. I’m looking forward to reestablishing our leadership position by putting our customers first every day.”
Bender’s appointment comes at a tumultuous time for Kohl’s, which fired Buchanan in April after an investigation found he violated company policy by directing the company to agree to a multimillion-dollar consulting contract with a vendor despite “undisclosed conflicts of interest.”
Buchanan, who became CEO of Kohl’s Jan. 15 of this year, was found to have had a personal relationship with that vendor, and the agreement included “highly unusual terms favorable to the vendor,” the company said in a securities filing.
In addition to the leadership changes, Kohl’s has also been wrestling with dwindling sales, announcing in August that it expects net sales to fall by 5% to 6% for the fiscal year.
