Kohl’s has named its fourth CEO in as many years, attempting to staunch an extended sales slide.
The company this week named Michael Bender as its permanent CEO, 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, Schlifske 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.
Annual sales at Kohl’s have fallen for several years and it’s struggled to find a way to grow profits.
