Kohl’s names Michael Bender as permanent CEO. Bender previously served as interim CEO since May. He replaces Ashley Buchanan, who was fired for pushing deals with a vendor he had a personal relationship with. Kohl’s has struggled with declining sales, expecting a 5-6% drop in net sales for the fiscal year.

Bender, 64, has leadership experience at retailers like Victoria’s Secret and Walmart. Kohl’s chairman John Schlifske praised Bender’s leadership and commitment to the brand. Bender described Kohl’s turnaround as still in progress, with a focus on curating quality products at a compelling value for customers.

Kohl’s has seen its stock fall by 53% over the past five years, but it is up nearly 12% this year. Bender’s appointment comes ahead of the company’s fiscal third-quarter earnings report. Kohl’s has had multiple CEOs in recent years, with leadership changes impacting the department store’s performance.

Read more at CNBC: Kohl’s names Michael Bender CEO after turbulent year