Business

Peter Boneparth Stepping Down as Kohl’s Chairman

3 weeks ago 2 min read

Peter Boneparth will retire as chairman of Kohl’s Corp. on the finish of his present time period in Might, and can be succeeded by Michael Bender.

Bender has served on the board of the Menonomee Falls, Wisc.-based Kohl’s since 2019 and is chair of the nominating and ESG committee and a member of the audit committee.

The board additionally appointed Adolfo Villagomez as a brand new unbiased director, efficient Nov. 7. Villagomez, chief govt officer of Progress Residential, a big operator of single-family leases, brings greater than 20 years of management and retail expertise, together with beforehand serving in management roles at Dwelling Depot, overseeing that retailer’s $20 billion on-line enterprise and serving as chief advertising and marketing officer for the U.S. retail operations of Dwelling Depot.

“On behalf of your entire board, I need to thank Peter for his extraordinary dedication to Kohl’s throughout his 15-year board tenure,” Bender mentioned in an announcement Wednesday. “His management expertise, retail acumen and his deep understanding of finance have proved invaluable over the previous a number of years, specifically, as the corporate navigated a novel set of advanced challenges stemming from the worldwide pandemic.”

Boneparth additionally led the board throughout an prolonged interval of stress exerted by activist traders that led to some adjustments within the composition of the board and high administration. Among the many adjustments, final February Thomas Kingsbury turned CEO, succeeding Michelle Gass, who joined Levi Strauss & Co. as president.

“It has been an honor and a privilege to be a member of the Kohl’s board for the previous 15 years,” mentioned Boneparth. “I’ve each confidence that Michael is the appropriate particular person to guide the Kohl’s board into the long run.”

Boneparth’s background contains previously serving as a senior adviser to The Blackstone Group, a former senior adviser to Irving Place Capital Companions, and as former president and chief govt officer of Jones Attire Group. Presently, Boneparth is a director of JetBlue Airways Corp.

“Adolfo is a superb addition to our board,” added Boneparth, citing Villagomez’s expertise in e-commerce and advertising and marketing. “He has a growth-company mindset and an incredible background in retail that can complement the talents of the administrators in our boardroom.”

Villagomez joined Progress in 2022 to speed up Progress Residential’s enterprise and digital transformation and enhance the general resident expertise. Previous to Progress, Villagomez labored at Dwelling Depot, was a associate at McKinsey & Co. the place he led its North America advertising and marketing and gross sales observe, and held govt positions at DuPont.