Omnichannel

Kohls fires CEO just five months into leadership role

Photo: LinkedIn

May 2, 2025

Kohls' has terminated CEO Ashley Buchanan "for cause," just after five months in the role and appointed Michael Bender as interim CEO effective immediately.

The news, announced yesterday, also included early expectations for the brand's Q1 2025.

"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," stated a press release.

The firing is not related to Kohl's performance, financial reporting, results of operations and did not involve any other company personnel, according to the release.

Buchanan is no longer a member of the company's board, and the company has withdrawn his nomination for election as a director at the Company's 2025 Annual Meeting of Shareholders.

"The Board has full confidence in Michael to serve our customers and associates as Interim CEO and deliver on our commitments to our shareholders," Chair of the Nominating and ESG Committee John Schlifske said in the release. "Michael brings over three decades of leadership experience across retail and consumer goods companies, having served as CEO of Eyemart Express and in senior roles at Walmart, L Brands and PepsiCo. We look forward to continuing to work closely with Michael as Kohl's remains focused on operational excellence, simplification, and efficiency to improve long-term financial health and profitability."

Bender previously served as president and CEO of Eyemart Express, LLC, January 2018 to April 2022. Prior to Eyemart Express Bender held various executive management positions at Walmart Inc., most recently as chief operating officer of global e-commerce.

Kohl's also provided preliminary expectations for the first quarter of 2025: