Remember when picking a CEO felt almost… boring? You’d see a press release, shrug, and move on with your day. Those days are long gone at Kohl’s. After a year that reads like a corporate soap opera – complete with a scandalous firing over a romantic relationship – the department-store chain just ripped up the “interim” label and made Michael Bender the permanent boss. And honestly? The timing couldn’t be more fascinating.
Seriously, think about it. Most companies try to keep executive drama behind closed doors. Kohl’s? They’ve basically lived it in the headlines. Three CEOs in three years. Plummeting sales. A stock that’s lost more than half its value in five years. And now, the board is betting everything on a 64-year-old retail veteran who’s been on the board since 2019 and steering the ship (temporarily) since May. Risky? Maybe. But sometimes the steady hand you already have in the room is the smartest choice.
A Year Kohl’s Would Rather Forget (But Can’t)
Let’s rewind a bit, because context matters here.
It all started looking shaky when Michelle Gass – widely respected after turning Kohl’s into a Sephora-in-stores success story – jumped ship to Levi Strauss in late 2022. The board tapped Tom Kingsbury, another board member, as interim and eventually permanent CEO. Things seemed… okay? Not great, but stable.
Then came the real bombshell earlier this year: Ashley Buchanan, poached from Michaels with big expectations, lasted only a few months before the company announced he was out. The reason? An internal investigation discovered he’d been pushing deals with a vendor run by someone he was romantically involved with. Yeah. You can’t make this stuff up.
Enter Michael Bender – already a director, already familiar with the mess – stepping in as interim CEO in May. And apparently, the board looked around after a full search and thought, “You know what? The guy who’s been here through the fire might actually be perfect.”
What We Know About Michael Bender
He’s not exactly a fresh face in retail. The man has serious miles on him.
- Spent years in leadership at Walmart – yes, that Walmart
- Ran global supply chain for Victoria’s Secret during its complicated era
- More recently CEO of Eyemart Express
- Joined Kohl’s board back in 2019
In other words, he’s seen pretty much everything retail can throw at you – from brutal price wars to supply-chain nightmares to turning around brands that lost their way. And perhaps most importantly, he’s been inside Kohl’s long enough to know exactly where the bodies are buried.
“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.”
– Board Chair John Schlifske
The Numbers Don’t Lie – And They’re Not Pretty
Let’s not sugarcoat it: Kohl’s is in a rough spot. The company already warned that full-year sales are expected to drop 5-6%. That’s not a hiccup. That’s a trend.
Over the past five years, the stock has shed roughly 53% of its value. Even with a modest 12% bump year-to-date (mostly hope, let’s be real), investor confidence has been shaky at best. Department stores as a category are fighting for relevance against Amazon, off-price giants like TJX, and fast-fashion players who can turn trends in weeks.
And yet… Bender sounds oddly optimistic. In fact, he told reporters the turnaround is “heading toward close to the middle innings.” Translation? We’re not done yet, but we’re past the worst of it.
What Customers Actually Want Right Now
Here’s where Bender’s comments got really interesting. He didn’t talk about chasing Gen Z or some flashy digital overhaul. Instead, he zeroed in on something way more basic – and way harder to execute:
“Customers have a more discerning, choiceful attitude about the dollars they spend… What they’re looking for from retailers is curating assortment for me of quality products at a value that compels me to either get off the couch, or… get on my phone and order from you because they signify value for me.”
That’s retail speak for: People are tired of junk. Give them good stuff at prices that feel fair, and they’ll show up. Simple in theory. Brutally hard when your entire industry is stuck in a promotional spiral.
So Is This Finally the Turning Point?
Maybe. Look, I’ve watched enough retail turnarounds to know they rarely happen overnight. But there are a few reasons this one feels different.
First, removing the “interim” tag actually matters. It signals to employees, vendors, and Wall Street that the board isn’t still shopping for a savior. Stability itself becomes a strategy.
Second, Bender isn’t coming in with some grand “reinvent retail” vision that sounds good in a PowerPoint but falls apart in stores. He’s talking curation, value, and operational discipline – exactly what middle-market department stores forgot during the chase for growth-at-all-costs.
Third, the holiday quarter is basically here. If Kohl’s can avoid deep markdowns and still move inventory, that’s a massive credibility win heading into 2026.
What Investors Should Watch This Week
Earnings drop tomorrow. Here’s what I’ll be laser-focused on:
- Any update on full-year guidance – are they sticking with the 5-6% decline or seeing early green shoots?
- Gross margin trends – can they protect profitability while staying competitive on price?
- Inventory levels – too high and you’re looking at ugly markdowns come January
- Commentary on early holiday traffic – both in-store and digital
- Anything Bender says about 2026 – even vague optimism would move the stock
One more thing: activist pressure has quieted down lately. That’s either because they like Bender… or they’re waiting for earnings to reload. My money’s on the former, but we’ll know soon enough.
The Bottom Line
Kohl’s isn’t out of the woods. Not even close. But making Michael Bender the permanent CEO feels less like kicking the can down the road and more like finally admitting the best fixer was already in the building.
In a retail world obsessed with disruption and moonshots, sometimes the answer is boring: stop the drama, tighten the ship, and sell people things they actually want at prices they’re willing to pay.
If Bender can deliver even modest progress on that front, Kohl’s stock – and its future – might finally have a pulse again.
We’ll know a lot more after tomorrow’s earnings. Until then? Pop the popcorn. This story’s far from over.
