Kohl's Corporation announced a planned transition to its Board of Directors. Board Chair Peter Boneparth will retire from Kohl's at the end of his current term in May, and Michael Bender will become the next Board Chair upon his retirement. The Board also appointed Adolfo Villagomez as a new independent director, effective November 7. Mr. Villagomez, CEO of Progress Residential, brings more than two decades of leadership and retail experience, including previously 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.

After 15 years of service as Kohl's director, Board Chair Peter Boneparth announced his plans to retire from Kohl's Board in May 2024. Mr. Boneparth will not stand for re-election at Kohl's 2024 annual shareholders meeting. With this news, the Board appointed Michael Bender as Chair, upon Mr.Boneparth's retirement.

Mr. Bender has served on Kohl's Board since 2019 and is chair of the Nominating and ESG Committee and member of the Audit Committee. Adolfo Villagomez's appointment is part of the continuous Board refreshment process at Kohl's, which continues to bring in relevant, experienced leaders and enhances the Board's diversity. Mr. Villagomez has been appointed to a term expiring at Kohl's 2024 annual shareholders meeting and will stand for election by Kohl's shareholders at that time.

He will initially serve on the Audit Committee. With Mr. Villagomez's appointment, the Board has now been expanded to consist of 12 directors, 11 of whom are independent. Adolfo Villagomez is Chief Executive Officer of Progress Residential, the largest operator of single-family rentals.

He joined Progress in 2022 to accelerate Progress Residential?s business and digital transformation, and to improve the overall resident experience. Mr. Villagomez brings more than two decades of leadership experience balancing a data-driven business strategy approach, product expertise, and a demonstrated proficiency in leading consumer-facing initiatives. Prior to joining Progress, Mr. Villagomez served as the President of The Home Depot's online business and Chief Marketing Officer for U.S. Retail.

Previously, Mr. Villagomez served as a partner at McKinsey & Company, where he led its North America Marketing and Sales Practice, and held executive leadership positions at DuPont. He holds a master's degree in business administration from the Yale School of Management and a bachelor's degree in chemical engineering from Universidad Nacional Autonoma de Mexico. Mr. Villagomez is fluent in Spanish and English.