The board of directors of Kohl’s Corp. is getting a new leader.
The department store retailer said that chairman Peter Boneparth will retire at the end of his current term in May. Upon his retirement, Michael Bender, who has served on the Kohl’s board since 2019, will become chairman.
Boneparth has served on the Kohl’s board for 15 years. He led it during a two-year proxy fight that eventually resulted in some changes in leadership — including the appointment in February of Tom Kingsbury as CEO — and board composition.
"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, who is chair of the nominating and ESG committee and member of the audit committee.. "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.”
The board also appointed Adolfo Villagomez as a new independent director, effective Nov. 7. 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 online business and serving as chief marketing officer for U.S. retail.
Kohl’s said Villagomez's appointment is part of the company’s continuous board refreshment process at Kohl's, which continues to bring in relevant, experienced leaders and enhances the board's diversity. With his appointment, the Kohl’s 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."