Michael Bender is known as interim CEO of Coles.
Supplied by: Coles
kohls introduced Monday that Michael Bender, who had been serving as interim CEO, will change into everlasting chief govt officer in an effort to assist the division retailer regain gross sales progress.
He turns into the division retailer’s third CEO in about three years. The transfer will take impact from Sunday.
Bender has been a director of Kohl’s since July 2019 and was appointed interim CEO of the corporate in Might. The corporate appointed Bender to the function after firing CEO Ashley Buchanan after just some months on the job.
Kohl’s fired Buchanan after an inner investigation discovered that he promoted transactions with distributors with whom he had a private relationship.
Mr. Kohl’s govt announcement got here a day earlier than the corporate introduced its third-quarter outcomes. Along with administration turmoil, Kohl’s is affected by declining gross sales. In August, the corporate mentioned it anticipated web gross sales to say no 5% to six% for the present fiscal yr.
Mr. Bender, 64, beforehand held management and administration positions at retailers together with Victoria’s Secret, Walmart and i-Mart Specific. Along with his function as CEO, Mr. Bender will proceed to function a member of the corporate’s board of administrators.
Board Chairman John Schlifsky mentioned in a information launch that Kohl’s employed an outdoor agency to “conduct a complete search” for the retailer’s new chief. He mentioned Bender is the best particular person for the place due to his “30 years of management expertise in retail and shopper items firms and his deep dedication to the Kohl’s model.”
“Over the previous few months as interim CEO, Michael has confirmed to be an distinctive chief for Kohl’s, steadily enhancing efficiency, driving short- and long-term technique, and positively impacting cultural change,” he mentioned.
Bender mentioned in a information launch that he’s happy with the corporate’s progress, however mentioned there may be extra work to be accomplished.
“Kohl’s is a famend and essential participant within the retail trade, celebrating and delivering nice merchandise, compelling worth and a differentiated purchasing expertise to households,” he mentioned. “I sit up for re-establishing our management place by placing our clients first each day.”
Over the previous 5 years, Kohl’s inventory has fallen about 53%. Thus far this yr, the corporate’s inventory is up practically 12%.
