Kohl’s announced that Bruce Besank, its CFO, o has decided to retire at the end of the fiscal year and will step down from his position as chief financial officer, effective November 1. At that time, Jill Timm, Kohl’s executive vice president of finance, will be promoted to chief financial officer (CFO).
Besanko will remain in a senior advisor role until he departs the company to assist with the CFO transition and provide support for current company initiatives.
“I want to thank Bruce for his significant contributions to the company,” said Michelle Gass, Kohl’s CEO. “During his time at Kohl’s, he has added great value across many parts of the business and has further strengthened our overall finance organization. We appreciate that Bruce will continue to support the business through the end of the year.”
“I’m thankful for my time at Kohl’s and I am confident in the bright future the company is building,” said Besanko. “I look forward to continuing to work with the team as we go through our most meaningful season of the year.”
In the Chief Financial Officer role, Timm will oversee Kohl’s financial planning and analysis, investor relations, financial reporting, accounting operations, tax and treasury. She will report directly to the CEO.
“Jill is a seasoned financial executive at Kohl’s, having served in various financial leadership positions within the company for more than 20 years,” said Gass. “She’s been an invaluable partner to me, Bruce, and the entire leadership team supporting many of our top strategic initiatives. Jill also has been the key architect of our Operational Excellence strategy, which continues to be a critical priority for the company. I have great confidence in her ability to manage the financial operations of the enterprise and accelerate our future growth.”
“I am honored to take on the CFO role for Kohl’s,” said Timm. “It is a very exciting time for the company as we continue to evolve our strategic initiatives, create new opportunities for growth and drive value for our shareholders.”
Timm joined Kohl’s in 1999, holding progressive leadership positions across several areas of finance, most recently as executive vice president of finance. She has more than 25 years of finance experience in financial planning, analysis, accounting, capital planning, investor relations, treasury and tax.