What: Michael Bender is appointed as Kohl’s permanent CEO following a year of leadership turmoil and governance challenges.
Why it is important: Bender’s confirmation signals a strategic effort to stabilise Kohl’s after a turbulent period.
Kohl’s has endured a year of significant upheaval, culminating in the appointment of Michael Bender as its permanent CEO. This decision follows a period marked by executive scandals, most notably the dismissal of Ashley Buchanan in May 2025 for undisclosed business dealings with a romantic partner, which exposed deep governance issues and intensified scrutiny of the company’s leadership. The leadership crisis, representing the fourth CEO change in three years, complicated efforts to implement a consistent turnaround strategy. Despite these challenges, Kohl’s demonstrated operational resilience, posting better-than-expected first-quarter results and maintaining focus on key initiatives such as the Sephora partnership and disciplined cost management. However, the company continues to face declining sales and market share, reflecting broader industry pressures and the lingering effects of instability. The board’s decision to confirm Bender as CEO is a clear move toward restoring stability and reinforcing governance, aiming to provide the steady leadership necessary for Kohl’s to execute its strategic vision and regain its competitive footing.
IADS Notes: In May 2025, the termination of Ashley Buchanan for code of conduct violations highlighted Kohl’s ongoing governance and leadership challenges (The Wall Street Journal, May 2025). Reports from May and August 2025 show that, despite frequent CEO changes and operational restructuring—including store closures and a shift toward store-based fulfilment—the company’s strategic initiatives, particularly the Sephora partnership, have provided some resilience (WWD, May 2025; BoF, May 2025; WWD, August 2025). Nevertheless, leadership instability has complicated the turnaround, with only modest improvements in profitability and continued sales declines, underscoring the critical need for stable governance and disciplined execution.

Kohl’s to name Michael Bender as CEO after year of disarray