What: Kohl's has announced a board transition, with Peter Boneparth retiring from his role as board chair at the end of his term, to be replaced by Michael Bender.

Why it is important: The board's choice of new executives is part of Kohl's ongoing effort to refresh its board with experienced leaders and enhance diversity.

Boneparth has served as a Kohl's director for 15 years and will retire in May 2024. Michael Bender, who has been on Kohl's board since 2019, will assume the position of board chair. Adolfo Villagomez has been appointed as a new independent director, bringing over two decades of leadership and retail experience to the Kohl's team. He will initially serve on the Audit Committee. With Villagomez's appointment, the board now consists of 12 directors, with 11 of them being independent.

Kohl’s announces board transition