"Kohl's announced on Monday that interim CEO Michael Bender will become the ailing retailer's permanent new CEO-making him the third chief executive to head the company in about three years. The news comes a day before the Wisconsin-based department store releases its third-quarter earnings report, on November 25 at 9:00 a.m. "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 said in a statement. Bender has served as interim CEO for the last six and a half months."
"Kohl's second-quarter earnings results beat expectations, but net sales fell 5.1% year-over-year to $3.3 billion with comparable sales down 4.2%. Its revised full-year earnings guidance forecast a 5% to 6% decline in net sales for fiscal 2025. On that earnings call, Bender attributed the slower sales to economic forces, and lower-income and middle class consumers buying less expensive goods."
Michael Bender will become Kohl's permanent CEO after serving six and a half months as interim, making him the third chief executive in about three years. The appointment comes one day before Kohl's third-quarter earnings release on November 25. The board cited Bender's improvements in results, strategic direction, and cultural change. Kohl's faces declining in-store traffic, increased competition from online retailers, and reduced consumer spending amid inflation and higher living costs. Second-quarter net sales fell 5.1% year-over-year to $3.3 billion, with comparable sales down 4.2%, and the company now expects a 5%–6% decline in net sales for fiscal 2025. Bender linked slower sales to economic pressures and lower- and middle-income consumers shifting to cheaper goods.
Read at Fast Company
Unable to calculate read time
Collection
[
|
...
]