There’s been a fair amount of turnover in the top seat at Menomonee Falls-based Kohl’s in recent years. Something that has stayed consistent, though, is the CEO’s annual base pay.
Michael Bender was recently named interim CEO of Kohl’s following the ousting of former CEO Ashley Buchanan after just four months on the job. In his new role, Bender will receive an annual base salary of $1.48 million as part of his overall compensation package, according to a recent SEC filing.
That was the same base salary Buchanan had during his brief stint with the company. It was also what Tom Kingsbury received as interim CEO and then as permanent CEO, from December 2022 to January 2025. Michelle Gass, who served as CEO from 2018 to December 2022, had the same $1.48 million base salary in her last two years with the company.
As part of his compensation agreement with Kohl’s, Bender will be eligible to participate in the company’s annual cash incentive plan, “with a target award of 175% of his base salary and an annual cash incentive opportunity ranging from 0%-200% of the target award” based on company performance, and he received a one-time restricted stock grant worth $3.8 million, according to the recent filing.
Other perks Bender will enjoy as interim CEO is a monthly stipend of $11,500 to cover “any personal commuting expenses” while working at the company’s Menomonee Falls headquarters and use of the company’s aircraft for both business and personal travel. The company limits personal use of the aircraft to a value of $135,000 per year.
Prior to his appointment to Kohl’s C-suite, Bender, who is 63 years old, had served on Kohl’s board since 2019 and was named board chair last May. As a non-employee board director, Bender received an annual cash retainer of $125,000 and an annual equity award of $145,000; as board chair, he received an additional annual equity award for $200,000.
Bender’s career background includes four years as president and CEO of Eyemart Express and nearly a decade at Walmart, where he ultimately served as chief operating officer of global e-commerce.
While the past few CEOs of Kohl’s have received the same base salary, total annual compensation varies based on factors like company performance, stock awards and bonuses.
In the case of the most recent CEO, Ashley Buchanan, recruitment also played a role. Kohl’s 2025 proxy statement, filed before Buchanan’s firing, shows his total compensation for fiscal 2024 (ended Feb. 1, 2025) was $20.9 million, which included stock awards worth $17 million, a signing incentive of $3.75 million, $90,691 in other compensation and a salary of $67,045 for his first two weeks on the job.
By comparison, his predecessor Tom Kingsbury made $11 million in 2024.
Due to his termination, Buchanan had to forfeit all equity awards he received from the company, including recruitment awards. He also needs to reimburse Kohl’s for a $2.5 million pro rata portion of his signing incentive.
More articles about Kohl’s:
- Recently resigned Kohl’s board member raises concerns over governance
- Former Northwestern Mutual CEO named chairman of Kohl’s board
- Kohl’s fires CEO over conflict of interest, appoints interim leader
- Kohl’s chief technology and digital officer departs company
- Here’s how Kohl’s new CEO plans to execute a long-term turnaround
- Kohl’s saw sales, earnings fall in 2024
- Kohl’s cuts 10% of its corporate positions
