Kohl’s has announced that Ashley Buchanan was terminated four months after his appointment as CEO due to unethical transactions with an external vendor.
He was named CEO in November 2024 after serving as CEO at Michaels and took on the role in January 2025.
According to a company statement, the decision was made following an investigation that revealed he violated company policies by undertaking vendor transactions that involved a conflict of interest.
The retailer stated that the decision to fire him is not related to the company’s financial reporting or operational results and that no other associates were involved in the undisclosed transactions.
According to a report by the Wall Street Journal, Buchanan made a multimillion-dollar deal with a former Bath & Body Works executive he was previously personally involved with.
Following his exit, Buchanan will leave his position as a member of the board.
Moving forward, Michael Bender, Board Chair, has been named the interim CEO as the company actively seeks a successor.
John Schlifske, Chair of the Nominating and ESG Committee, said: “The Board has full confidence in Michael to serve our customers and associates as Interim CEO and deliver on our commitments to our shareholders.
“Michael brings over three decades of leadership experience across retail and consumer goods companies, having served as CEO of Eyemart Express and in senior roles at Walmart, L Brands, and PepsiCo.”
The news comes as the retailer faces financial struggles, recently reporting declining sales in its most recent financial quarter.
Kohl’s saw its net sales fall by 9.4% to $5.2 billion in Q4 of 2024 and has been implementing a turnaround strategy that will be led by the new interim CEO moving forward.
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