Ashley Buchanan Fired as Kohl’s CEO Amid Conflict-of-Interest Scanda
The department store chain Kohl's said Tuesday that Buchanan was Fired as CEO of Kohl's: In probe got to know Buchanan directed Kohl’s to engage in vendor transactions involving a former romantic partner: cause of his dismissal ,an internal investigation ,Ashley Buchanan violations comapany policies
The investigation, conducted by external legal counsel and overseen by Kohl’s board audit committee, found that Buchanan facilitated business deals with a vendor linked to his former romantic partner, Chandra Holt. a multimillion-dollar transactions include consulting agreement with unusually favorable terms for the vendor. Buchanan has violated Kohl’s code of ethics.
Outcome and Leadership Transition
Michael Bender, Kohl’s board chair since 2024, has been appointed interim CEO while the company searches for a permanent replacement,Buchanan was terminated for cause, leading to the forfeiture of all equity awards and the requirement to repay a portion of his $2.5 million signing bonus.Kohl’s stock experienced a notable uptick, rising nearly 10% following the announcement. Investors responded positively to the swift action taken by the board and the company's preliminary first-quarter results, which exceeded Wall Street expectations.
Buchanan joined Kohl's in January 2025, before his dismissal His tenure at Kohl’s was brief, lasting just over 100 days, Buchanan served as CEO of The Michaels Companies and held executive roles at Walmart’s e-commerce division
Kohl's is Now Focused on stabilizing its leadership and continuing its strategic initiatives to improve performance amid a challenging retail environment.The board has started a search for a new CEO to lead the company forward.
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