According to sources familiar with the matter, Kohl's (KSS.US) is expected to formally appoint Michael Bender as its permanent CEO as early as Monday local time. After evaluating multiple candidates, the company's board has finalized its decision to name Bender as the new chief executive.

Bender joined Kohl's board in July 2019 and has been serving as interim CEO since this spring. The struggling retailer fired its former CEO, Ashley Buchanan, in May after just 100 days in the role. An internal investigation revealed that Buchanan had an undisclosed personal relationship with a supplier while actively promoting business dealings with the same vendor.

Neither Kohl's nor Bender immediately responded to requests for comment. The company is set to release its earnings report on Tuesday, which will provide further insight into Bender's leadership direction and the execution of Buchanan's previously established strategies.