Kohl’s CEO fired: Ashley Buchanan removed just five months into the role amid growing concerns over leadership and ethics. His termination was for cause, stemming from undisclosed conflicts of interest in vendor deals.
An outside legal review confirmed the ethical violations. These actions breached company policy, though Kohl’s clarified the situation was not linked to financial misconduct or other personnel.
Background: A Brief and Tumultuous Tenure
Ashley Buchanan, once CEO of Michaels, joined Kohl’s on January 15, 2025. He was expected to steer the retailer through economic headwinds. However, his leadership was short-lived.
The company’s sales dropped by 4.3% during his time. While his firing isn’t tied to performance, analysts say the scandal has added to the retailer’s long-standing instability.
Leadership Shift: What’s Next for Kohl’s?
Michael Bender, Kohl’s board chairman, has stepped in as interim CEO. The company’s shares jumped 8% following the announcement, signaling investor relief.
Chandra Holt, a former rival candidate for Kohl’s CEO, has not been named but is being mentioned in speculation.
Retail Turmoil Continues
Kohl’s is facing stiff competition from e-commerce giants, rising inflation, and shrinking customer budgets. The company also announced the closure of 27 stores, leaving around 1,100 locations.
Experts warn this episode could deepen customer and investor concerns about leadership at the struggling chain.
Source: CNN
