THE WHAT? Kohl’s is making significant changes to its Board of Directors. Peter Boneparth, the current Board Chair, will retire at the end of his term in May, with Michael Bender set to succeed him. Additionally, Adolfo Villagomez has been appointed as a new independent director, effective November 7. Villagomez, currently the CEO of Progress Residential, has extensive leadership and retail experience, including significant roles at The Home Depot.
THE DETAILS Boneparth, who has served on Kohl’s Board for 15 years, will not seek re-election in the 2024 annual shareholders meeting, paving the way for Bender, a board member since 2019, to take over as Chair. Bender is recognised for his leadership qualities and understanding of retail and finance, which have been especially crucial during the pandemic. Villagomez’s appointment, lasting until the 2024 shareholders meeting, is part of Kohl’s ongoing strategy to refresh its Board, adding his expertise in e-commerce and marketing to the mix.
THE WHY? These changes are part of Kohl’s efforts to adapt and grow in a challenging retail environment. Boneparth’s retirement represents a significant transition in leadership, with Bender expected to continue the focus on addressing the complex challenges faced by the company. The addition of Villagomez to the Board aims to enhance Kohl’s omnichannel business strategy and bring fresh perspectives to its operations, underscoring the company’s commitment to evolving with the changing retail landscape and enhancing shareholder value.