Ashley Buchanan was ousted as Kohl’s CEO after serving nearly four months on the job due to violations involving conflicts of interest related to a business deal with a former romantic partner.
CEO Termination and Company Statement
Kohl’s announced the termination of CEO Ashley Buchanan’s employment after an investigation revealed violations of company policies involving undisclosed conflicts of interest. The company clarified that the firing was unrelated to Kohl’s financial performance or other personnel.
Details of the Investigation
An outside counsel-led investigation found that Buchanan directed Kohl’s to engage in vendor transactions that involved conflicts of interest. The board cited these findings as cause for his dismissal.
Background on Ashley Buchanan
Buchanan began his role as CEO and board member in January 2025, replacing Tom Kingsbury. Prior to Kohl’s, he served as CEO of Michaels, an arts and crafts retailer.
Interim CEO Appointment
Following Buchanan’s departure, Kohl’s appointed Michael Bender as interim CEO. Bender has been a board director since 2019 and took on the role of board chair in May 2024.
Nature of the 'Highly Unusual' Deal
According to media reports, Buchanan engaged in a 'highly unusual' business transaction with Chandra Holt, a consultant and former romantic partner. Holt is the founder and CEO of the coffee brand Incredibrew. Buchanan and Holt have known each other for over a decade but Holt denied receiving any compensation from Kohl’s related to the deal.
Company's Ongoing Leadership Search
Kohl’s board will commence the search for a permanent CEO while continuing to work with interim CEO Michael Bender, emphasizing their focus on operational excellence and improving long-term profitability.
Company Footprint
Kohl’s operates more than 1,100 stores across 49 states, highlighting its significant presence in the U.S. retail sector.