Importance Score: 30 / 100 🔵
On May 1, 2025, prominent department store merchant Kohl’s revealed that its CEO, Ashley Buchanan, had been dismissed. The executive had held the position for just five months prior to his removal. This development occurs amidst a backdrop of retail challenges, including shutdowns and financial struggles faced by other large-scale retailers like Forever 21 and JoAnn Stores.
Understanding the Dismissal: Ashley Buchanan’s Tenure and Departure
The Background of Ashley Buchanan
Buchanan is an experienced business executive with a history of serving in various corporate board roles. Previously, he held the position of CEO at The Michaels Companies and served as the former chief merchandising officer and chief operating officer of Walmart’s online retail division. He also sat on the board of directors for The Michaels Companies.
The Reason Behind the Dismissal
Kohl’s disclosed that Buchanan’s termination was “for cause,” citing breaches of company protocols. The company released a statement asserting that an investigation directed by external legal counsel and supervised by the Audit Committee of the Board uncovered Buchanan’s involvement in directives that led to undisclosed conflicts of interest with vendors.
“Such conflicts were deemed sufficient grounds for termination,” the statement continued. “This action is unrelated to the company’s performance, financial reporting, operational results, and did not involve any other company personnel.”
The press release further noted that “in accord with his employment contract, Buchanan is no longer part of the board, and his nomination for directorship at the company’s 2025 annual shareholder meeting has been rescinded.”
Introducing Michael Bender: The Interim CEO
According to Kohl’s press release, Michael Bender has immediately taken on the role of interim CEO. Bender has been a board director since July 2019 but has continued to serve as a director, with the appointment of board chair in May 2024.
Bender conveyed his commitment to the company’s strategic growth, stating, “I am honored to step into the role of interim CEO at this pivotal moment for Kohl’s. In collaboration with our skilled leadership team, board, and thousands of associates, I am dedicated to executing our strategic framework to enhance shareholder value.”
- Over 1,100 conveniently located Kohl’s stores across the nation.
- Attracts upwards of 60 million customers annually.
- Ongoing mission to deliver value, fostering operational and financial progression.