In a shocking leadership shakeup, Kohl’s has fired CEO Ashley Buchanan amid serious ethics violations, just months into his new contract. Here’s everything you need to know.

Why Did Kohl’s Fire CEO Ashley Buchanan?

Kohl’s officially terminated Ashley Buchanan “for cause” following an internal investigation into a major ethics breach. Buchanan reportedly approved a consulting deal with Incredibrew, a vendor founded by his former romantic partner, Chandra Holt, without disclosing their relationship.

The deal, worth millions, has considered “highly unusual” and gave the vendor unusually favorable terms, according to board sources.

Ashley Buchanan

What Are the Immediate Consequences?

The fallout was swift:

  • Buchanan lost all pending equity awards
  • He must repay a portion of his $2.5M signing bonus
  • His nomination for re-election to the Kohl’s board was withdrawn
  • Kohl’s emphasized that no other executives were involved

Additionally, this abrupt firing sends a strong message about the company’s zero-tolerance policy on conflicts of interest.

Who Is Replacing Ashley Buchanan?

The board has named Michael Bender, Kohl’s chairman since 2024, as interim CEO. Additionally, bender brings decades of leadership experience from Walmart, L Brands, and PepsiCo. Additionally, his immediate focus is stabilizing operations and restoring investor confidence.

What’s Next for Kohl’s?

Firstly, despite the scandal, Kohl’s released preliminary Q1 results that exceeded expectations, suggesting the company’s core business remains strong. However, with its top executive removed, the retailer faces:

  • A tough executive search ahead
  • Potential pressure from activist investors
  • Increased scrutiny from shareholders and media
Ashley Buchanan

What This Means for Kohl’s Future (Ashley Buchanan)

Kohl’s leadership crisis comes at a pivotal time, as the retailer works to reposition itself in a rapidly evolving market. Additionally, with increased competition from Amazon, Target, and off-price chains, stability at the top is crucial.

Now, all eyes are on the board’s next move.

Final Thoughts: Will Kohl’s Bounce Back?

Lastly, the firing of Ashley Buchanan is one of the most dramatic corporate oustings in retail this year. While the board acted decisively, the impact on employee morale, investor trust, and customer perception remains to be seen.

Stay tuned as Kohl’s navigates this high-stakes transition.