While the last few years in the retail industry haven’t been easy for most retailers, they’ve been especially rough for some players, like Kohl’s. 

Since Michelle Gass left Kohl’s in December 2022 to join the Levi’s team as its president in January 2023, and then as the brand’s CEO in January 2024,  Kohl’s has been rotating one CEO after another.

Tom Kingsbury stepped in as interim CEO in December 2022 and was appointed to the position on a more permanent basis in February 2023, before stepping down in January 2025. Right after, Ashley Buchanan took over the role but was fired not too long after, in May 2025, after a personal PR crisis involving company finances surfaced. 

The same month Buchanan departed, Michael Bender, a 30-plus-year retail veteran with experience at Walmart and Victoria’s Secret, stepped in as interim CEO. On Monday, it was announced that Bender will step into the role of the company’s permanent CEO.

While some retail experts expressed concern about an internal hire’s ability to successfully shake up a company, others, like Christine Russo, the principal of Retail Creative and Consulting Agency (RCCA), think the move will lead Kohl’s in the right direction. 

Russo noted that when Bender began leading the team on May 1, the company’s closing price was US$7.12, and that by November 24, the company’s stock had spiked by 127 per cent to reach US$16.03.

“This reflects votes of confidence in his capabilities,” said Russo. 

She noted that, unlike some other internal hire appointments, Bender’s doesn’t come mired with legacy issues. Plus, Bender’s previous experience leading Walmart as the company’s COO had supplemented him with the ideal expertise required to make a change at Kohl’s. 

“Despite lots of summary data on Kohl’s poor performance circulating, this appointment provides a clean slate and makes Kohl’s interesting to watch.”

What experts think about Bender’s appointment as CEO

As Neil Saunders, GlobalData’s managing director, told Inside Retail, “Michael Bender is a good choice in that he knows the business intimately and can get off to a running start as he is already heading up the company.”

“However, as he is an internal appointment, there is a danger that he is seen as the continuity candidate. As a chronic under-performer, Kohl’s does not need continuity; it needs change, and deep-seated change at that.”

The GlobalData executive warned that the most pressing priority on Bender’s plate is to win back customers and spend. 

“This means improving the range, especially in apparel and home, by simplifying the offer and injecting more fashion and oomph into the assortment. Presentation and basic retail standards also need to be improved in stores, even if this means investing more in staffing. At present, too many Kohl’s stores look like someone dumped a truck of product in them – they lack inspiration, excitement, and energy. That needs to change.”

Saunders noted that Bender will also need to communicate this effectively to employees. Morale at Kohl’s is poor, especially on the shop floor. Employees are crying out for a sense of vision and direction, which Bender will need to provide if the company hopes to 

Coinciding with Russo and Saunders’ remarks, Scott Benedict, the founder and CEO of Benedict Enterprises, commented that Bender’s appointment signals a much-needed return to stability after several years of leadership churn. 

Unlike Saunders, Benedict doesn’t view an internal hire as a potentially damaging issue for the company. Quite the opposite, in fact. 

“Bender’s appointment is necessary if not sufficient. The fact that the board didn’t bring in an outsider indicates they believe the house already has the tools – they just need the glue,” said Benedict. 

“The macro environment, including factors like inflation and consumer spending softness, is a headwind, but other mid-tier players are navigating it. Kohl’s success here will hinge on realistic ambition, which means they will need to stop chasing every trend, operational discipline and differentiated relevance rather than discount-driven volume.”

Where does Kohl’s go from here?

Benedict explained that moving forward, Bender will need to focus on three major areas of concern to bring the company back up to fighting standards, including:

Re-anchoring the value proposition and customer relevance

“Kohl’s must refine its brand promise in a crowded mid-tier space. That means shedding legacy drag, including an overextended store footprint, under-performing brand categories and complex promotions, and doubling down on differentiated experiences, both in-store and digital. 

“Bender’s deep retail operations background gives him a runway here, but execution is everything.”

Unifying omnichannel metrics and operations

Benedict noted that one of Kohl’s most long-standing issues has been the company’s disconnect between its digital and physical inventory flow, fulfillment cost, store labor models and mobile-first expectations.

“Bender must bridge those gaps, simplify the operating model so digital growth isn’t a drag on margin and use stores as both fulfilment and inspiration hubs rather than just low-margin real estate.” 

Restore investor confidence through transparency and discipline

“With frequent leadership changes, the market has responded with skepticism. Bender needs to show credible turnaround metrics, which include same-store sales improvement, margin stabilisation and clarity around capital allocation, including store closures and remodels and new partnerships. Given his board and interim role, he must also manage the cultural reset to embed accountability and speed.

Benedict concluded that if Bender focuses on early wins, such as a sharpened product assortment, improved e-commerce fulfilment cost and store-role clarity, and communicates a coherent 2-3 year roadmap, Kohl’s has a shot at regeneration. 

Further reading: 

 Kohl’s CEO crisis and the lessons other retailers must learn: PR experts