Kohl’s Announces Board Transition, Appoints New President and Independent Director

Kohl’s announced Wednesday that Chairman Peter Boneparth will step down from his position at the end of his current term, with Michael Bender taking over.

Boneparth, who has been a Kohl’s director for 15 years, will retire in May 2024. In light of this news, the board selected Bender to take over as president upon Boneparth’s retirement. Bender has been part of the Kohl’s board of directors since 2019 and currently serves as chair of the Nominating and ESG Committee, as well as a member of the audit committee.

“On behalf of the entire board of directors, I want to thank Peter for his extraordinary commitment to Kohl’s during his 15 years on the board of directors,” Bender said. “His leadership skills, retail acumen and deep understanding of finance have proven invaluable over the past few years, particularly as the company navigated a unique set of complex challenges stemming from the global pandemic. His unwavering focus in serving all Kohl’s stakeholders throughout his tenure as Chairman of the Board of Directors has left Kohl’s in a strong position as we move into the future.”

Boneparth added: “It has been an honor and a privilege to be a member of Kohl’s Noard for the past 15 years. I have every confidence that Michael is the right person to lead the Kohl’s Board into the future. His retail experience and his unquestionable integrity staff makes him the ideal choice at this time in Kohl’s history. He will be fortunate, as I have been, to lead the rest of the Kohl’s Board of Directors, each and every one of whom I deeply respect for their commitment to time and energy for this wonderful company.”

Additionally, the board welcomed Adolfo Villagomez as a new independent director, effective November 7. Villagomez, currently CEO of Progress Residential, brings more than two decades of leadership and retail experience to the Kohl’s team, with previous key roles at The Home Depot, including overseeing its $20 billion online business and serving as Marketing Director for US Retail

Villagómez’s appointment is part of Kohl’s ongoing board renewal process, which aims to add experienced leaders and improve diversity. Villagómez will serve a term that will expire at Kohl’s 2024 annual shareholder meeting and will run for election to Kohl’s shareholders at that time. He will initially be part of the Audit Committee.

With the appointment of Villagómez, the board was expanded to be made up of 12 directors, 11 of whom are independent.

“I am excited to join the Kohl’s board of directors during an important and exciting time for the company,” said Villagómez. “I thank the Board of Directors for their warm welcome and look forward to helping drive the business forward for our teams and shareholders.”