Latest news with #MichaelBender
Bloomberg
13-06-2025
- Business
- Bloomberg
Kohl's CEO Tries to Reverse Record-Low Morale in Latest Address
Kohl's Corp. 's interim Chief Executive Officer Michael Bender tried to quell employee unrest during one of his first all-hands calls since replacing Ashley Buchanan last month. During the meeting, the company's Chief People Officer Mari Steinmetz said employee engagement was at its lowest in more than 15 years, according to a recording viewed by Bloomberg News that referenced a company survey. The retailer also told staff that a huge number of employees commented on the survey — some sharing concerns, according to a video recording viewed by Bloomberg News.
Business Journals
09-06-2025
- Business
- Business Journals
Five things you need to know today, and when is a house a home?
Happy Monday, Cincinnati! Here we are at the precipice of a new week. Let's jump into it. 1) Kohl's shutting down local facility, laying off nearly 800 National retailer Kohl's is closing its Middletown e-fulfillment center, which will result in the loss of 768 jobs. The center, open since 2001, is one of 14 the retailer has across the country. From interim CEO Michael Bender, 'Ultimately, it's a necessary step to strengthen our operational discipline, drive greater cost efficiency and ensure the long-term health of our business – for our customers, our associates and the future of our company.' 2) Developer details changes to $69M Covington riverfront project Silverman & Co. has shown off refined designs, which include additional residential units, for the largest announced project to date at the Covington Central Riverfront site. The developer is building 275 apartments on 1.3 acres across two blocks at the sprawling 23-acre site of the former IRS building. 3) One of Cincinnati's largest nonprofits seeks new CEO Kurt Reiber, CEO of the Freestore Foodbank, is going to retire next year after 15 years on the job. The nonprofit, the eighth-largest in the region, according to Courier research, is partnering with BroadView Talent Partners on a national search to find his successor. Do you like Five Things? Make sure to subscribe to our Morning Edition emails so you have it in your inbox each day. 4) Planning Commission acts on proposed Bengals tailgating parking lots One of the conditions the Bengals made to allow the Andrew J. Brady Music Center to be built at the Banks was that the former Hilltop concrete plant be demolished and redeveloped into a parking lot that could be used for tailgating on game days. That was supposed to be done by 2021. But just last week, the Cincinnati Planning Commission voted on a zoning change to move the project forward, albeit on what could only be a temporary basis. 5) See the latest progress of $260M upgrade to home of Cincinnati Open Finishing out this morning with Steve Watkins, who brings us the latest on the $260 million in upgrades to the Lindner Family Tennis Center in Mason, which is slated to be spiffied up in time for the 2025 Cincinnati Open tennis tournament. On the calendar Cincy Inno, a Business Courier sister pub, is hosting the Fire Awards at UC's 1819 Innovation Hub June 11. The event features the region's hottest startups. Get your ticket before it's too late here. This day in history 68: Roman Emperor Nero commits suicide, having his secretary Epaphroditos slit his throat to avoid a Senate-ordered execution by flogging. What I'm reading 'The Oligarch's Daughter' by Joseph Finder What I'm watching 'X-Men '97' on Disney+ Good stuff on Spotify 'Bath of Least Resistance' by NOFX What I'm playing Destiny 2 on PlayStation 5 When does a house begin to feel like a home? I can anticipate your criticism already: 'Again? Another column about moving?' 'We get it, you're moving, give it a rest.' I'll try to keep it short. And this will be the last one. I promise. I hope. Tomorrow is Moving Day. I followed the advice of many of you who took the time to write me and hired professional help, so the next real ordeal is in unpacking. I write this, sitting on the floor of my new family room in a house that is devoid of all furniture, having just had the Spectrum guy set up my internet. It still feels like a stranger's home. It smells like a stranger's home. I'm listening to the background noise of a stranger's life: Lawn mowers and leaf blowers employed by new neighbors I don't yet know. When does a new house begin to feel like home? Is it when you've unpacked and organized everything? When you're able to fit both cars inside the garage? When you've developed new routines? In year two when those routines begin to feel, well, routine? In my current (old) house, it happened so gradually that it went uncelebrated, unrecognized. One day it was just home. I spent a grand total of less than an hour in this house before getting the keys, between the first showing to the inspection to the final walkthrough. Of course it'll be an adjustment. But it's an adjustment I'm excited to make, the culmination of a two-year search that's now finally ended. Wish me luck tomorrow.
Yahoo
03-06-2025
- General
- Yahoo
Trump Administration hired a staffer working with Stephen Miller to wage war with Harvard
Michael Bender, New York Times Correspondent and Amanda Carpenter, Writer and Editor for Protect Democracy joins Nicolle Wallace on Deadline White House to discuss how the Trump Administration has escalated its feud with Harvard going so far to hire someone who was at one point a DOJ 'cooperating witness' working for the Harvard Law Review.
Yahoo
02-06-2025
- Business
- Yahoo
The top Black CEO in the Fortune 500 is steering $83 billion in revenue
Since 1955, Fortune has ranked the 500 largest U.S. companies by revenue and the comings and goings of the more than 2,000 CEOs who have led them. In that time, just 28 of those chief executives have been Black. The latest addition is Michael Bender, who was named CEO of Kohl's in early May. While the number of Black CEOs in the Fortune 500 has slowly ticked upward in the 70 years since the list's launch, representation remains sparse across corporate leadership. Black Americans make up 13% of all employees. Yet a 2021 McKinsey study found they account for just 7% of managerial roles and only 4% to 5% of senior management positions. In the 2025 Fortune 500, nine companies are led by Black CEOs, with only two of them being women. That's just 1.8% of the largest U.S. businesses, up slightly from 1.6% in both 2023 and 2024. Together, these nine companies generated $244.76 billion in revenue for fiscal year 2024. Topping that list is Lowe's, led by CEO Marvin Ellison. The home improvement giant ranked No. 52, employs 215,500 people, and reported $83.67 billion in revenue and nearly $7 billion in profits. Ellison, who became CEO of Lowe's in 2018, is the first Black executive to lead two different Fortune 500 companies, having previously helmed J.C. Penney from 2015 to 2018. His career began humbly, earning $4.35 an hour as a part-time employee at Target. In 2024, he earned $20.16 million in total compensation. Lowe's dropped three spots in the 2025 Fortune 500 ranking as economic pressures, housing market disruption, and tariff threats dented sales. Same-store sales dipped by 1.7% in the first quarter, but Ellison told investors that the company's tech investments and proactive strategies were helping Lowe's navigate market headwinds. In April, Lowe's acquired the design distribution and installation services provider Artisan Design for $1.33 billion. The move aims to deepen its presence in the professional homebuilder market and compete more directly with Home Depot as demand for DIY projects wanes. The company states that it has also diversified its supply chain to blunt the impact of tariffs: 60% of Lowe's supply purchases are now sourced domestically, while 20% come from China. Marvin EllisonPresident and CEO, Lowe'sRevenue: $83.67 billionThasunda Brown DuckettCEO, Teachers Insurance and Annuity Association (TIAA)Revenue: $46.95 billionChristopher WomackCEO, Southern CompanyRevenue: $26.72 billionCalvin Butler ExelonRevenue: $23.03 billion David BozemanCEO, C.H. Robinson WorldwideRevenue: $17.73 billionMichael BenderInterim CEO, Kohl'sRevenue: $16.22 billionRené JonesCEO, M&T BankRevenue: $13.45 billionDavid Rawlinson IICEO, QVC GroupRevenue: $10.04 billionToni Townes-WhitleyCEO, Science Applications International (SAIC)Revenue: $7.48 billion This story was originally featured on
Yahoo
30-05-2025
- Business
- Yahoo
KSS Q1 Earnings Call: Kohl's Outlines Turnaround Priorities Amid Challenging Retail Backdrop
Department store chain Kohl's (NYSE:KSS) missed Wall Street's revenue expectations in Q1 CY2025, with sales falling 4.4% year on year to $3.23 billion. Its GAAP loss of $0.13 per share increased from -$0.24 in the same quarter last year. Is now the time to buy KSS? Find out in our full research report (it's free). Revenue: $3.23 billion (4.4% year-on-year decline) Adjusted Operating Income: $60 million vs analyst estimates of $43.42 million (1.9% margin, 38.2% beat) EPS (GAAP) guidance for the full year is $0.35 at the midpoint, missing analyst estimates by 47.4% Operating Margin: 1.9%, in line with the same quarter last year Same-Store Sales fell 3.9% year on year, in line with the same quarter last year Market Capitalization: $901.7 million Kohl's first quarter results reflected the early stages of a turnaround effort, with management emphasizing renewed focus on product assortment and customer needs. Interim CEO Michael Bender, newly appointed after a period of leadership change, stressed the importance of rebalancing the merchandise mix and restoring categories popular with core customers. CFO Jill Timm highlighted solid performance in reintroduced fine jewelry and petite apparel, attributing gains to reversing past decisions that alienated loyal shoppers. Management was candid that progress would be gradual, noting the turnaround is ongoing and that much of the required work still lies ahead. Timm acknowledged, 'This is a turnaround and will continue to take time, and much of the work remains ahead of us.' Looking forward, Kohl's is focused on driving improved value for customers while navigating ongoing pressures, including tariffs and cautious consumer spending. Management discussed initiatives to enhance proprietary brand penetration and expand coupon eligibility, aiming to regain lost wallet share from core shoppers. Bender emphasized the company's intention to 'align the business to meet the needs of our customers,' especially as many consumers face budget constraints. Timm outlined efforts to mitigate tariff impacts through diversified sourcing and cost management, stating, 'We believe we can achieve our financial guidance for the year…as we continue to work to reduce our exposure to high tariff countries.' The company expects the benefit of new assortments and promotional actions to build gradually through the year. Management traced first quarter performance to changes in merchandise strategy, efforts to restore lost customer segments, and continued operational discipline. Several key business updates shaped the quarter's outcome. Assortment rebalance underway: Kohl's re-emphasized core categories such as fine jewelry and petites after previously deprioritizing them, resulting in double-digit growth in those segments. Management attributed this to listening to long-time customers and rectifying past assortment decisions. Proprietary brands regaining traction: With renewed investment in value-oriented private label brands like Tek Gear and Lauren Conrad, Kohl's began to reverse underperformance in these lines. Timm noted proprietary brands improved 400 basis points quarter-over-quarter, but acknowledged they remain below company averages and require further attention. Sephora rollout completed: The chain finished adding Sephora shops to all locations, with beauty segment net sales up 6%. While growth rates have moderated as the rollout matures, management sees ongoing market share gains in beauty, especially in fragrance and hair categories. Digital channel lags but improving: Online sales declined again, driven by weakness in home and among Kohl's card customers. However, management pointed to early improvements as more brands became coupon-eligible online, with expectations of further gains as promotional changes expand. Operational cost control: SG&A expenses fell 5% year over year, reflecting disciplined store and marketing expenditures. Management credited ongoing efficiency efforts and a shift in credit servicing to an external party for helping offset sales pressures. Kohl's forward guidance is shaped by efforts to rebuild customer loyalty, manage external cost headwinds, and deliver value-focused merchandising. Customer wallet share recovery: Management is prioritizing regaining spend from core Kohl's card customers who reduced their shopping frequency and basket size after prior assortment changes. The company is expanding coupon eligibility and reintroducing favored proprietary brands to address this, aiming to increase both store and digital engagement. Tariff mitigation and sourcing: The company is actively shifting product sourcing to a wider range of countries to limit exposure to tariffs, working closely with suppliers to manage price elasticity and inventory flow. Management believes most tariff-related cost pressures can be offset through these sourcing strategies and promotional adjustments. Margin discipline amid investment: While investing in store layout improvements, digital upgrades, and fulfillment expansion, management plans to tightly control inventory and general expenses. They expect margin benefits as proprietary and impulse categories expand, but acknowledged ongoing gross margin pressure from value-focused pricing and cautious consumer behavior. In the coming quarters, the StockStory team will monitor (1) the effectiveness of efforts to win back core Kohl's card customers and drive proprietary brand growth, (2) the impact of new coupon eligibility and promotional strategies on both in-store and digital channels, and (3) progress in offsetting tariff pressures through sourcing and inventory management. Store layout changes and the performance of new product categories will also be critical indicators of turnaround momentum. Kohl's currently trades at a forward P/E ratio of 30.6×. Is the company at an inflection point that warrants a buy or sell? The answer lies in our full research report (it's free). The market surged in 2024 and reached record highs after Donald Trump's presidential victory in November, but questions about new economic policies are adding much uncertainty for 2025. While the crowd speculates what might happen next, we're homing in on the companies that can succeed regardless of the political or macroeconomic environment. Put yourself in the driver's seat and build a durable portfolio by checking out our Top 5 Strong Momentum Stocks for this week. This is a curated list of our High Quality stocks that have generated a market-beating return of 183% over the last five years (as of March 31st 2025). Stocks that made our list in 2020 include now familiar names such as Nvidia (+1,545% between March 2020 and March 2025) as well as under-the-radar businesses like the once-small-cap company Exlservice (+354% five-year return). Find your next big winner with StockStory today. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
