Kohl’s names new CEO after former boss was ousted amid sex scandal
Annual sales at Kohl's have fallen for several years and it's struggled to find a way to grow profits
Kohl's has named its new CEO after its former chief was fired following an affair with a former Walmart executive.
The retailer has now selected its fourth CEO in as many years, attempting to staunch an extended sales slide as it grapples with the affair scandal.
The company named Michael Bender as its permanent CEO Monday, nearly seven months after he took over on an interim basis.
Bender replaced Ashley Buchanan who was fired in May after an internal investigation found that he had directed the company to do business with a vendor founded by someone with whom he had a personal relationship.
“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,” Chairman John Schlifske said in prepared remarks.
The board conducted a comprehensive search using an external firm, Schlifsk said, before it “enthusiastically and unanimously appointed Michael as CEO.”
Bender is a retail veteran with 30 years of experience at retailers from Walmart to PepsiCo.
Retail earnings continue to roll out in what has become a volatile period for retailers who are trying to win over customers stung by inflation and a weakening U.S. jobs market, while simultaneously navigating an erratic U.S. trade policy.
Annual sales at Kohl's have fallen for several years and it's struggled to find a way to grow profits.
Kohl's releases its third-quarter earnings results Tuesday.
Shares of Kohl's Corp., based in Menomonee Falls, Wisconsin, were unchanged Monday.
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