Kohl’s corporation, the operator of Kohl’s department stores, has terminated CEO Ashley Buchanan, just four months after he started his position in January 2025. An investigation conducted by outside counsel and overseen by the Audit Committee of the Board at Kohl’s determined Buchanan allegedly directed the retailer to engage in vendor transactions that involved undisclosed conflicts of interest.
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In January 2025, Thomas A. Kingsbury (Kohl’s CEO from 2022-2025) stepped down as CEO, but remained with Kohl’s in an Executive Advisory Role. Before Kingsbury, Kohl’s CEO was Michelle Gass, who held the top position from 2018 until November 2022, when she stepped down from Kohl’s to become the CEO in waiting for Levi Strauss & Co. and then CEO for Levi Strauss & Co. in 2024. Thomas A. Kingsbury was an interim CEO in December 2022 and became CEO in January 2022.
Kohl’s announced Thursday, May 1, 2025 that Buchanan’s firing is unrelated to Kohl’s performance, financial reporting, and results of operations; and did not involve any of Kohl’s other employees.
Mr. Buchanan’s termination is unrelated to the Company’s performance, financial reporting, results of operations and did not involve any other Company personnel. 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 Buchanan is no longer a member of the Board, and the Company has withdrawn his nomination for election as a Director at the Company’s 2025 Annual Meeting of Shareholders.
— Kohl’s
Buchanan was CEO at privately held Michaels, the arts and crafts retail chain, prior to taking the top job at Kohl’s. Buchanan started his business career at Bank of America in 1996, then switched to Walmart from 2000 to 2020.
Kohl’s named Chairman Michael Bender as interim CEO, effective immediately, and will conduct a search for a permanent CEO. Bender served as President and Chief Executive Officer of Eyemart Express, LLC, an optical retailer, from January 2018 to April 2022, and was previously President from September 2017 to January 2018. Prior to joining Eyemart Express, Mr. Bender held various executive management positions at Walmart Inc., most recently as Chief Operating Officer of Global eCommerce. Prior to joining Walmart, Mr. Bender held senior positions at Cardinal Health, Inc., Victoria’s Secret for L Brands, Inc., and PepsiCo, Inc. Michael Bender currently serves as a Director of Acuity Brands (NYSE: AYI) and previously served as a Director of Ryman Hospitality Properties, Inc. (NYSE: RHP).
After Buchanan was hired as CEO in January 2025, Tom Kingsbury stayed on as an adviser and was planning on retaining his position on Kohl’s board until his retirement in June 2025.
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