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Kohl’s Taps Fourth CEO in Four Years Amidst Sales Slump and Leadership Turmoil
Menomonee Falls, WI – Kohl’s, the embattled retail giant, announced Monday the appointment of Michael Bender as its permanent CEO, marking the fourth leadership change at the top in as many years. The move comes as the company grapples with an extended period of declining sales and seeks to stabilize its executive team following a recent scandal.
Bender, who has served as interim CEO for nearly seven months, officially takes the reins. He stepped in after the dismissal of his predecessor, Ashley Buchanan, in May. An internal investigation revealed that Buchanan had directed company business to a vendor founded by an individual with whom he had a personal relationship.
The leadership shuffle unfolds against a challenging backdrop for Kohl’s. The retailer has been struggling to reverse a long-term sales slump, exacerbated by a difficult economic climate where many consumers are contending with an affordability crisis. Retailers are also navigating the impact of tariffs implemented by the Trump administration earlier this year, adding another layer of complexity to their operations.
Neil Saunders, an analyst at GlobalData, noted in a research brief on Monday, “The appointment of Michael Bender as permanent CEO of Kohl’s brings some much-needed stability to the beleaguered chain.” However, Saunders also highlighted the severity of Kohl’s struggles, stating, “Unfortunately, Kohl’s has been one of the worst performers in retail – with sales and market share plummeting since 2019. This chronic underperformance is directly linked to operational sloppiness and the absence of a clear strategy.”
Chairman John Schlifske confirmed that the board conducted a comprehensive external search before selecting Bender. Bender brings a wealth of experience to the role, with 30 years in the retail sector, including tenures at prominent companies like Walmart and PepsiCo.
The rapid succession of CEOs at Kohl’s has been a notable trend. Buchanan’s brief four-month tenure followed Tom Kingsbury, who led the company from 2023 until early 2025. Prior to Kingsbury, Michelle Gass served as CEO until her departure in late 2022 to assume the presidency of Levi Strauss.
Kohl’s is scheduled to release its third-quarter earnings results on Tuesday. Shares of Kohl’s Corp. remained unchanged on Monday.