Ashley Buchanan Fired: Kohl’s CEO Ousted for Unethical Conduct

In April 2025, Kohl’s made a big decision. They fired their CEO, Ashley Buchanan. It wasn’t because of sales or strategy. It was because of something bigger.

Buchanan had a secret. He worked closely with a vendor called Incredibrew. But what he didn’t tell anyone was that he had a personal relationship with the founder. That broke the company’s rules.

As shoppers and workers, we expect leaders to be honest. When they break that trust, it affects all of us. This isn’t just about one CEO. It’s about how big companies should act and how they fix things when someone crosses the line.

Let’s explore what really happened, why it matters, and what’s next for Kohl’s.

Background on Ashley Buchanan

Ashley Buchanan, born in 1974 in Mount Pleasant, Texas, is a seasoned retail executive with a notable career trajectory. He began his professional journey in banking at Bank of America in 1996. After earning his MBA from Baylor University, he transitioned into retail consulting with Accenture and later held finance roles at Dell Computers .​

In 2007, Buchanan joined Walmart, where he spent over a decade in various leadership positions. He served as the Chief Merchant at Sam’s Club and later as the Chief Merchandising and Chief Operating Officer for Walmart U.S. eCommerce.

In 2020, Buchanan was appointed CEO of The Michaels Companies, a leading arts and crafts retailer. Under his lead, Michaels changed a lot. They went more digital. Shopping online became easier. In 2021, a big company called Apollo bought Michaels. It was a big move.

In January 2025, Buchanan became the new boss at Kohl’s. He replaced Tom Kingsbury. People hoped he would help fix the company. He had strong skills in stores and online sales.

Details of the CEO Ashley Buchanan Ethical Misconduct

Only four months in, Buchanan faced serious questions. Kohl’s checked into his actions. They found he made deals with a company called Incredibrew. His former partner, Chandra Holt, started that company.

One deal was worth millions. The terms were very good for her company. But Buchanan never told Kohl’s about their past relationship. That broke the company’s rules. Those rules say leaders must be open about personal ties.

Holt said she didn’t get any money from Kohl’s. Still, the deal raised concerns about trust and fairness.

Investigation and Consequences

When Kohl’s found signs of wrongdoing, they started an investigation. Outside lawyers helped. The board’s audit team watched over it.

The investigation proved Buchanan broke company rules. He didn’t tell about his past with Holt. He also helped make unfair deals.

Because of this, Kohl’s fired him “for cause.” He lost all stock awards. He also had to give back part of his $2.5 million bonus. The company also took back his board nomination.

Impact on Kohl’s Operations and Governance

After Buchanan was fired, Kohl’s picked Michael Bender as interim CEO. He was already the company’s chairman from 2024. Bender has over 30 years of work in retail and consumer brands.

Kohl’s also began looking for a new full-time CEO to lead the company ahead.

Even with all the changes, Kohl’s shared early results for the first quarter. Sales dropped 4% to 4.3%, but income stayed strong between $40 and $45 million.

Investors felt hopeful again. After the news, Kohl’s stock went up nearly 10%.

Broader Implications for Corporate Ethics

Buchanan’s firing highlights how important honesty and ethics are in leadership. When leaders hide conflicts of interest, it hurts trust and damages a company’s reputation.

This situation reminds executives and boards to have strong rules. They must make sure everyone is held accountable.

Final Thoughts 

CEO Ashley Buchanan sudden exit from Kohl’s shows what happens when leaders make unethical choices. As Kohl’s moves forward, they focus on running efficiently and staying financially strong.

This event reminds us how vital honesty and openness are to keep trust and lead through tough times.

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This content is for informational purposes only and not financial advice. Always conduct your research.