#kohls

#kohls

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.

The company's solid quarter can be largely attributed to its turnaround efforts and major cost cutting measures, including store closures and workforce reductions. Earlier this year, the department store closed 27 stores across the country, and saw a 10% reduction of its corporate workforce. The company's turnaround efforts include a reassessment of its assortment of products, as well as introducing more coupons for branded items.