Kohl's Announces Board Leadership Transition Plan and New Director

Kohl’s (NYSE: KSS) today announced a planned transition to its Board of Directors (the "Board"). Board Chair Peter Boneparth will retire from Kohl's at the end of his current term in May, and Michael Bender will become the next Board Chair upon his retirement. The Board also appointed Adolfo Villagomez as a new independent director, effective November 7. Mr. Villagomez, CEO of Progress Residential, brings more than two decades of leadership and retail experience, including previously serving in key leadership roles at The Home Depot, overseeing its $20 billion online business and serving as Chief Marketing Officer for U.S. retail.

After 15 years of service as Kohl's director, Board Chair Peter Boneparth announced his plans to retire from Kohl's Board in May 2024. Mr. Boneparth will not stand for re-election at Kohl's 2024 annual shareholders meeting. With this news, the Board appointed Michael Bender as Chair, upon Mr.Boneparth's retirement. Mr. Bender has served on Kohl's Board since 2019 and is chair of the Nominating and ESG Committee and 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.”

"It has been an honor and a privilege to be a member of the Kohl’s Board for the past 15 years," said Boneparth. "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."

Adolfo Villagomez's appointment is part of the continuous Board refreshment process at Kohl's, which continues to bring in relevant, experienced leaders and enhances the Board's diversity.

Mr. Villagomez has been appointed to 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 Mr. Villagomez's appointment, the Board has now been expanded to consist of 12 directors, 11 of whom are independent.