Kohl’s has revealed its board of directors’ upcoming changes. Board chair Peter Boneparth is set to retire from Kohl’s at the end of his current term in May. Following his retirement, Michael Bender will take over as the new board chair. Additionally, Adolfo Villagomez has been appointed as an independent director.

Villagomez, the CEO of Progress Residential, brings over two decades of leadership and retail experience, including significant roles at The Home Depot, where he oversaw its $20 billion online business and served as chief marketing officer for US retail, the company said in a media release.

American retail chain Kohl’s board of directors is undergoing changes. Chair Peter Boneparth will retire in May 2024, succeeded by Michael Bender.
Adolfo Villagomez, CEO of Progress Residential, becomes an independent director.
Boneparth, who served for 15 years, won’t seek re-election.
Villagomez’s appointment aligns with board diversity efforts.

After a dedicated 15-year service as Kohl’s director, board chair Peter Boneparth has announced his retirement plans from Kohl’s board in May 2024. He will not seek re-election at Kohl’s 2024 annual shareholders meeting. With this announcement, the board has designated Michael Bender as the chair upon Boneparth’s retirement. Bender, a member of Kohl’s Board since 2019, currently chairs the nominating and ESG committee and is a member of the audit committee.

Adolfo Villagomez’s appointment aligns with Kohl’s ongoing board refreshment process, aimed at bringing in experienced leaders to enhance diversity on the board.

“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 honour 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.”

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 Villagomez’s appointment, the board has now been expanded to consist of 12 directors, 11 of whom are independent.

“Adolfo is a wonderful addition to our board,” said Boneparth. “His experience, particularly in e-commerce and marketing, will bring another perspective to Kohl’s powerful omnichannel business model. He has a growth-company mindset and a great background in retail that will complement the skills of the directors in our boardroom.”

“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.”

Fibre2Fashion News Desk (KD)