---
title: "Kohl’s CEO Ousted for Questionable Vendor Transactions"
description: "Kohl's Board of Directors has terminated CEO Ashley Buchanan for cause due to undisclosed conflicts of interest in vendor transactions. Michael Bender, the board Chair, has been appointed as Interim C"
type: "news"
locale: "en"
url: "https://longbridge.com/en/news/238465193.md"
published_at: "2025-05-01T15:31:18.000Z"
---

# Kohl’s CEO Ousted for Questionable Vendor Transactions

> Kohl's Board of Directors has terminated CEO Ashley Buchanan for cause due to undisclosed conflicts of interest in vendor transactions. Michael Bender, the board Chair, has been appointed as Interim CEO. The board emphasized that the termination was not related to company performance. Bender aims to continue the company's turnaround efforts, despite ongoing struggles and a projected decline in Q1 comparable sales of 4% to 4.3%. Kohl's will announce its Q1 results on May 29.

**Kohl’s** Board of Directors has terminated CEO Ashley Buchanan for cause and has appointed current board Chair Michael Bender as Interim CEO while a permanent replacement is sought. According to a statement from the company, Buchanan was terminated for “**engaging in vendor transactions that involved undisclosed conflicts of interest**” following an investigation conducted by outside counsel and overseen by the board.

The board was explicit in its statement that Buchanan’s termination **was not related to the company’s performance and did not involve anyone else.** Buchanan also has been removed as a member of the Kohl’s board.

Buchanan didn’t have much chance to impact the struggling retailer’s fate, having only taken over the CEO position in January. Buchanan, who joined Kohl’s from **Michaels**, where he orchestrated that company’s turnaround as CEO, was praised as an ideal choice by Bender at the time of his appointment, who called out Buchanan’s “vast retail experience” and proven aptitude for “driving change.”

## **Kohl’s Interim CEO Plans to Continue Turnaround Efforts**

Bender has served on the Kohl’s board since 2019 and was elected as Board Chair in May 2024. His prior retail experience includes President and CEO of optical retailer **Eyemart Express** as well as leadership roles at **Walmart**, **Victoria’s Secret** and **PepsiCo**. As he takes over the interim CEO position at Kohl’s, Bender will remain on the board, but step down as Chair.

“The Board has full confidence in Michael to serve our customers and associates as interim CEO and deliver on our commitments to our shareholders,” said John Schlifske, Chair of the Nominating and ESG Committees of the Kohl’s board in a statement.

“Working with our talented leadership team, board and thousands of associates, **I am committed to continuing the execution of our strategic framework to grow shareholder value**,” added Bender in the statement. “Kohl’s has a strong foundation of more than **1,100** conveniently located stores nationwide, serving over **60 million** customers. We will continue to build on this foundation as we enhance the value we deliver to our customers and set the stage for meaningful operational and financial progress.”

## **Another Blow for Beleaguered Kohl’s**

This latest CEO upheaval is yet another unwelcome chapter in Kohl’s ongoing transformation saga. The retailer has been struggling for years to return to a position of strength while simultaneously fending off a series of activist investors.

In tandem with the announcement of Buchanan’s termination, Kohl’s released some preliminary expectations for the company’s Q1 results, which will be announced on May 29. Comparable sales are expected to decline again in Q1, in the range of **4% to 4.3%**, following a **6.7%** decline in Q4 2024.

### Related Stocks

- [KSS.US - Kohls](https://longbridge.com/en/quote/KSS.US.md)

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> **Disclaimer**: This article is for reference only and does not constitute any investment advice.
