Kohl's Corporation (KSS) stock surged 11.89% in pre-market trading on Tuesday, following the announcement that Michael Bender has been appointed as the company's permanent Chief Executive Officer. This significant move comes as Kohl's attempts to stabilize its leadership and reverse a prolonged sales slump.

Bender, who has been serving as interim CEO since May, was unanimously chosen by Kohl's board of directors after a comprehensive search. His appointment marks the third leadership change for the department store chain in as many years. Investors appear optimistic about Bender's ability to steer Kohl's in the right direction, given his extensive retail experience including roles at Victoria's Secret, Walmart, and Eyemart Express.

The market's positive reaction to Bender's appointment comes just ahead of Kohl's third-quarter earnings report, due before markets open on Tuesday. Analysts expect Kohl's to report a loss of 18 cents per share on revenues of about $3.4 billion. The company has been grappling with challenging economic conditions and changing consumer behaviors, previously forecasting a 5% to 6% drop in net sales for the fiscal year. As Kohl's faces these headwinds, investors will be closely watching how Bender plans to revive sales and navigate the competitive retail landscape.