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Department store chain Kohl’s announced shocking news on May 1, 2025, when it confirmed that its CEO, Ashley Buchanan, had been fired. The exec had only been in the position for five months before he was let go.
Buchanan’s firing comes amid recent store closures and financial downfalls among other retailers, including Forever 21 and JoAnn Stores.
Below, learn why Kohl’s fired Buchanan and who is replacing him.
Who Is Ashley Buchanan?
Buchanan is a business executive who has served in multiple board positions for other companies. He is the former CEO of The Michaels Companies, the former chief merchandising officer and chief operating officer of Walmart’s e-commerce business and was a member of The Michaels Companies board of directors.
Why Was the Kohl’s CEO Fired?
Kohl’s announced that Buchanan was fired “for cause,” alleging that he “violated company policies.”
“An investigation conducted by outside counsel and overseen by the Audit Committee of the Board determined Mr. Buchanan violated company policies by directing the company to engage in vendor transactions that involved undisclosed conflicts of interest, which the Board determined to be cause,” the company said in a press release. “Mr. Buchanan’s termination is unrelated to the company’s performance, financial reporting, results of operations and did not involve any other company personnel.”
Kohl’s added in the press release, “In accordance with the terms of this employment contract, Mr. Buchanan is no longer a member of the board, and the company has withdrawn his nomination for election as a director at the company’s 2025 annual meeting of shareholders.”
Who Is the New Kohl’s CEO?
In its press release, Kohl’s confirmed that its interim CEO is Michael Bender, who assumed the position “immediately.”
“Mr. Bender has served as a director of the board since July 2019 and was appointed board chair in May 2024,” the retail giant said.
Bender said he was “honored to assume the role of interim CEO at this important time for the company.”
“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,” Bender continued, per the press release. “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.”
