In a shocking move, Kohl’s Corp. has terminated CEO Ashley Buchanan after barely six months in the role, citing “undisclosed conflicts of interest” in vendor dealings. The abrupt exit raises urgent questions about governance and stability at the struggling retailer.
Key Details:
✔ Sudden Exit: Buchanan, appointed in November 2024, is out—joining his predecessor (who lasted <2 years) in Kohl’s revolving-door leadership.
✔ Interim Replacement: Chairman Michael Bender steps in as temp CEO amid the chaos.
✔ Bigger Troubles: Kohl’s recently cut 400+ corporate jobs and plans to close 25+ stores, signaling deeper turmoil.
Why This Matters:
🔻 Buchanan becomes the second short-tenured CEO at Kohl’s in under two years, signaling deep instability at the top of one of America’s major retail chains.
🔴 Red Flag: Rapid CEO turnover + ethics violations suggest culture or oversight failures.
🛒 Retail Woes: Can Kohl’s stabilize operations while battling declining foot traffic and online competition?
📉 The leadership change comes at a critical time:
• ~400 corporate jobs slashed
• Over two dozen stores closing
• Ongoing struggle to revive business performance
Michael Bender, Kohl’s Chairman, has stepped in as interim CEO, facing a tough road ahead to rebuild trust, stabilize operations, and realign strategy.
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From CNN: Kohl’s just fired its brand new CEO for unethical behavior
Kohl’s has fired its newly installed CEO, who has spent less than five months in the position, after the retailer found that Ashley Buchanan engaged in unethical behavior.
Buchanan’s dismissal was “for cause,” a rare rebuke of a business leader that carries serious weight in the business community. It comes after an investigation from an outside counsel found that he “violated company policies by directing the company to engage in vendor transactions that involved undisclosed conflicts of interest,” according to a press release.
Kohl’s added that his termination is “unrelated to the company’s performance, financial reporting, results of operations and did not involve any other company personnel.”
Former Kohl’s CEO Ashley Buchanan. – From Kohl’s Illinois, Inc.
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Buchanan, a former chief executive of arts and crafts chain Michaels, began as Kohl’s CEO on January 15 with the hopes of turning around the struggling retailer. But during his short tenure, he also failed to do that with sales falling as much as 4.3% the company revealed in preliminary earnings.
Michael Bender, the current chairman of the Kohl’s board, will become interim CEO until a replacement is found. The news sent Kohl’s (KSS) shares soared as much 6% in early trading before retreating.
Like many department stores in recent years, Kohl’s has spent the last few years in turmoil and has struggled to recover from shifting consumer behavior. It’s also dealing with competition from online sellers, high inflation and, now, the pullback of consumer spending amid economic uncertainty.
Kohl’s also recently announced the closure of 27 locations, resulting in about 1,100 stores left.
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