In response to the leadership vacuum, Kohl’s appointed board chair Michael Bender as interim CEO. Bender, who joined the board in July 2019 and became chair in May 2024, brings prior executive experience from Eyemart Express, Walmart, L Brands, and PepsiCo.
“There are no family relationships between Mr. Bender and any company director or executive officer, and no arrangements or understandings between Mr. Bender and any other person pursuant to which he was selected as an officer,” the SEC filing noted.
Kohl’s stated that a national executive search firm will be hired to identify a permanent replacement.
Analysts Raise Concerns About Kohl’s Corporate Governance
Retail industry expert Neil Saunders, managing director of GlobalData, told Fortune that Buchanan’s termination adds to the sense of instability at Kohl’s.
“While the sacking is not related to performance, it gives the impression that Kohl’s is in a perpetual state of chaos and it raises some questions about the due diligence over his appointment,” Saunders said.
