Kohl’s announces board transition, appoints new chair and independent director

By

Jennifer Braun

Published
Nov 9, 2023

Kohl's announced on Wednesday that board chair Peter Boneparth will retire from his role at the end of his current term, with Michael Bender set to assume the position.

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

"On behalf of the entire board, I want to thank Peter for his extraordinary commitment to Kohl's during his 15-year Board tenure," said Bender. "His leadership skills, retail acumen, and his deep understanding of finance have proved invaluable over the past several years, in particular, as the company navigated a unique set of complex challenges stemming from the global pandemic. His unwavering focus on serving all of Kohl’s stakeholders throughout his time as board chair 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 the 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 unquestionable personal integrity make him the ideal choice at this point in Kohl's history. He will be fortunate, as I have been, to lead the rest of the Kohl’s Board, each and every one of whom I deeply respect for their commitment of time and energy to this wonderful company.”

Additionally, the board has welcomed Adolfo Villagomez as a new independent director, effective November 7. Villagomez, currently the CEO of Progress Residential, brings over 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 chief marketing officer for U.S. retail.

The appointment of Villagomez is part of Kohl's ongoing board refreshment process, aimed at bringing in experienced leaders and enhancing diversity. Villagomez will serve a term expiring at Kohl's 2024 annual shareholders meeting and will stand for election by Kohl's shareholders at that time. He will initially serve on the Audit Committee. 

With Villagomez's appointment, the board has expanded to consist of 12 directors, with 11 of them being independent.

"I am excited to join the Kohl's board during an important and invigorating time for the company," said Villagomez. "I thank the Board for their warm welcome, and I look forward to helping drive the business forward for our teams and shareholders."