Kohl’s laid out a planned transition this week to its Board of Directors. Board Chair Peter Boneparth will retire from Kohl’s at the end of his current term in May 2024, and Michael Bender will become the next Board chair following Boneparth’s retirement.
The Board appointed Adolfo Villagomez as a new independent director, effective November 7. Villagomez is CEO of Progress Residential and brings over two decades of leadership and retail experience, including 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.
Bender has served on Kohl’s Board since 2019 and is chair of the Nominating and ESG Committee and a 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 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 Kohl’s Board’s continuous refreshment process, which continues to bring in “relevant, experienced leaders and enhances the Board’s diversity.”
Villagomez has been appointed to a term expiring at Kohl’s 2024 annual shareholders meeting and will stand for election by Kohl’s shareholders then. He will initially serve on the Audit Committee. With Villagomez’s appointment, the Board expanded to 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.”
Photo courtesy Kohl’s
