Kohl’s Corporation has appointed Michael Bender as its interim chief executive officer (CEO), effective immediately. The move comes after the company terminated Ashley Buchanan for cause, citing violations of company policies due to undisclosed conflicts of interest in vendor transactions.
Bender, who served as a director on Kohl’s board since 2019 and was recently appointed board chair, will lead the company as it searches for a permanent CEO. The board has initiated a search process and retained a leading search firm to assist with finding a new leader.
In a statement, Chair of the Nominating and ESG Committee John Schlifske expressed confidence in Bender’s ability to deliver on the company’s commitments to shareholders. Bender stated his commitment to continuing the execution of the strategic framework to grow shareholder value and build on the company’s strong foundation.
Kohl’s has provided preliminary expectations for its first quarter 2025 financial results, including comparable sales growth of (4.3%) to (4.0%), operating income of $40 million to $45 million, and diluted earnings per share of ($0.24) to ($0.20). The company will announce its full quarterly results on May 29, 2025.
As the company navigates this transition process, Bender will remain on the board but step down from certain committees. A new chair is expected to be appointed in due course.
Kohl’s Corporation is a leading omnichannel retailer committed to delivering great brands, incredible value, and convenience for its customers. With over 1,100 stores nationwide and millions of customers served online and through the Kohl’s App, the company is focused on operational excellence, simplification, and efficiency to improve long-term financial health and profitability.
Source: https://corporate.kohls.com/news/kohls-announces-ceo-transition-process-2