Peter Boneparth Stepping Down as Kohl’s Chairman

Peter Boneparth will retire as chairman of Kohl’s Corp. at the end of his current term in May, and will 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.

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The board also appointed Adolfo Villagomez as a new independent director, effective Nov. 7. Villagomez, chief executive officer of Progress Residential, a large operator of single-family rentals, brings more than two decades of leadership and retail experience, including previously serving in leadership roles at Home Depot, overseeing that retailer’s $20 billion online business and serving as chief marketing officer for the U.S. retail operations of Home Depot.

“On behalf of the entire board, I want to thank Peter for his extraordinary commitment to Kohl’s during his 15-year board tenure,” Bender said in a statement Wednesday. “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.”

Boneparth also led the board during an extended period of pressure exerted by activist investors that led to some changes in the composition of the board and top management. Among the changes, last February Thomas Kingsbury became 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 past 15 years,” said Boneparth. “I have every confidence that Michael is the right person to lead the Kohl’s board into the future.”

Boneparth’s background includes formerly serving as a senior adviser to The Blackstone Group, a former senior adviser to Irving Place Capital Partners, and as former president and chief executive officer of Jones Apparel Group. Currently, Boneparth is a director of JetBlue Airways Corp.

“Adolfo is a wonderful addition to our board,” added Boneparth, citing Villagomez’s experience in e-commerce and marketing. “He has a growth-company mindset and a great background in retail that will complement the skills of the directors in our boardroom.”

Villagomez joined Progress in 2022 to accelerate Progress Residential’s business and digital transformation and improve the overall resident experience. Prior to Progress, Villagomez worked at Home Depot, was a partner at McKinsey & Co. where he led its North America marketing and sales practice, and held executive positions at DuPont.

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