[Editor’s note: This story was originally published on May 1, 2025. It was updated on May 2, 2025 to include additional details of the conflict of interest that led to Buchanan’s firing.]
Kohl’s Board of Directors has terminated CEO Ashley Buchanan for cause and has appointed current board Chair Michael Bender as Interim CEO while a permanent replacement is sought. According to a statement from the company, Buchanan was terminated for “engaging in vendor transactions that involved undisclosed conflicts of interest” following an investigation conducted by outside counsel and overseen by the board. Buchanan also has been removed as a member of the Kohl’s board.
The board was explicit in its statement that Buchanan’s termination was not related to the company’s performance and did not involve anyone else. The board was not explicit about the details of the conflict of interest that led to Buchanan’s firing, but The Wall Street Journal reports that it was prompted when Buchanan instructed the company to enter into a “highly unusual” business deal with Chandra Holt, with whom he is in a romantic relationship. Holt was previously the CEO of Bed Bath & Beyond and has since gone on to found a coffee brand called Incredibrew. The pair met when they were both working at Walmart and currently live together in Dallas, according to WSJ.
Buchanan didn’t have much chance to impact the struggling retailer’s fate, having only taken over the CEO position in January. Buchanan, who joined Kohl’s from Michaels where he orchestrated that company’s turnaround as CEO, was praised as an ideal choice by Bender at the time of his appointment, who called out Buchanan’s “vast retail experience” and proven aptitude for “driving change.”
Advertisement
Kohl’s Interim CEO Plans to Continue Turnaround Efforts
Bender has served on the Kohl’s board since 2019 and was elected as Board Chair in May 2024. His prior retail experience includes President and CEO of optical retailer Eyemart Express as well as leadership roles at Walmart, Victoria’s Secret and PepsiCo. As he takes over the interim CEO position at Kohl’s, Bender will remain on the board, but step down as Chair.
“The Board has full confidence in Michael to serve our customers and associates as interim CEO and deliver on our commitments to our shareholders,” said John Schlifske, Chair of the Nominating and ESG Committees of the Kohl’s board in a statement.
“Working with our talented leadership team, board and thousands of associates, I am committed to continuing the execution of our strategic framework to grow shareholder value,” added Bender in the statement. “Kohl’s has a strong foundation of more than 1,100 conveniently located stores nationwide, serving over 60 million customers. We will continue to build on this foundation as we enhance the value we deliver to our customers and set the stage for meaningful operational and financial progress.”
Another Blow for Beleaguered Kohl’s
This latest CEO upheaval is yet another unwelcome chapter in Kohl’s ongoing transformation saga. The retailer has been struggling for years to return to a position of strength while simultaneously fending off a series of activist investors.
In tandem with the announcement of Buchanan’s termination, Kohl’s released some preliminary expectations for the company’s Q1 results, which will be announced on May 29. Comparable sales are expected to decline again in Q1, in the range of 4% to 4.3%, following a 6.7% decline in Q4 2024.
