Kohl’s Corporation announced that Michael J. Bender will become the company’s permanent chief executive officer, effective November 23 2025. Bender has led the retailer as interim CEO since May 1 2025 and has served on the board since July 2019. The appointment follows the dismissal of former CEO Ashley Buchanan, who was terminated for cause after a board investigation uncovered a personal relationship with a vendor that violated the company’s conflict‑of‑interest policy.
Bender’s elevation is part of Kohl’s broader turnaround plan, which focuses on rebalancing its assortment, strengthening value leadership, and enhancing the omnichannel experience. The board cited Bender’s three decades of retail experience—including senior roles at Walmart, Victoria’s Secret, and Eyemart Express—as evidence that he can accelerate progress on the company’s strategic framework. Board Chair John Schlifske said, “Michael has proven to be an exceptional leader for Kohl’s, driving short‑ and long‑term strategy and positively impacting culture.”
The company’s recent earnings provide context for the CEO change. In the quarter ended August 2 2025, net sales fell 5.1 % year‑over‑year to $3.3 billion, while net income rose to $153 million, or $1.35 per diluted share, a significant improvement over the prior year’s $66 million. The increase in profitability was largely driven by disciplined cost control and a modest margin expansion of 28 basis points, offsetting the decline in sales. Management highlighted that the company’s gross margin improved as a result of a stronger mix of higher‑margin private‑label and proprietary brands.
Kohl’s has raised its full‑year 2025 outlook, reflecting confidence in the turnaround strategy. The company’s guidance now projects higher revenue and operating income than previously expected, signaling that management believes the recent operational gains will continue. The board’s confidence in Bender is reinforced by his track record of executing similar transformations, such as his role in scaling Walmart’s e‑commerce platform and driving margin improvements at Victoria’s Secret. Bender said, “I am 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.”
Headwinds remain, including macro‑economic uncertainty and consumer caution that have pressured sales across the department‑store sector. However, the partnership with Sephora and the focus on core categories—jewelry, petites, and proprietary brands—provide tailwinds that support the company’s value proposition. The CEO transition is intended to provide continuity and accelerate the execution of the turnaround plan, positioning Kohl’s to better navigate the competitive landscape and deliver sustainable growth.
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