Kohl’s CEO Fired in Scandalous Vendor Affair
In a dramatic turn of events, Kohl’s Corporation has terminated CEO Ashley Buchanan after an internal investigation revealed serious ethical violations involving undisclosed conflicts of interest with a vendor connected to his romantic partner.
Why Did Kohl’s CEO Get Fired?
Ashley Buchanan, who took the helm at Kohl’s in January 2025, was dismissed "for cause" following an investigation that uncovered he had directed the company to engage in business with Incredibrew, a vendor founded by his romantic partner, Chandra Holt. The deals, including a multimillion-dollar consulting agreement, were made on unusually favorable terms and without proper disclosure, violating Kohl’s code of ethics.
As a result, Buchanan forfeited all equity awards and was required to repay a portion of his $2.5 million signing bonus.
Ashley Buchanan
Who Is Ashley Buchanan?
Ashley Buchanan is an American business executive with a background in retail. He previously served as CEO of The Michaels Companies and held senior roles at Walmart, including Chief Merchandising Officer for Walmart.com.
Buchanan's tenure at Kohl’s was notably brief, lasting less than four months. His dismissal marks the third CEO change at Kohl’s in as many years, reflecting ongoing leadership instability amid efforts to revitalize the struggling retailer.
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Is Ashley Buchanan the New CEO of Kohl’s?
No, Ashley Buchanan is no longer the CEO of Kohl’s. Following his termination, Kohl’s appointed Michael Bender, a board member since 2019 and former board chair, as interim CEO. Bender brings over 30 years of leadership experience in retail and consumer goods, having held executive positions at Walmart, L Brands, and PepsiCo.
The company has initiated a search for a permanent CEO to lead Kohl’s through its ongoing transformation efforts.
Kohl’s continues to face challenges in the competitive retail landscape, with declining sales and shifting consumer behaviors. The leadership change aims to restore confidence and steer the company toward sustainable growth.
