When Kohl's announced they’d snagged Ashley Buchanan from Michaels back in late 2024, Wall Street actually exhaled. People thought, "Finally, someone who gets it." He was the golden boy of retail—the guy who turned around Michaels and held massive roles at Walmart.
Then everything blew up.
By May 2025, Ashley Buchanan was out. Not just "stepping down to pursue other interests" out. He was fired "for cause." It’s basically the corporate equivalent of being escorted out by security while everyone tries not to look. Honestly, it’s one of the most dramatic collapses in modern retail history, especially considering he’d only been in the CEO chair since January.
What Actually Happened with Ashley Buchanan at Kohl's?
Most people assume retail CEOs get the boot because sales are down. Retail is a brutal, low-margin world, and Kohl's has been struggling for years to stay relevant against Target and Amazon. But this wasn't about the money. Not exactly.
Kohl’s board hired outside lawyers to dig into Buchanan’s conduct. What they found was a mess of undisclosed conflicts of interest. According to reports from the Wall Street Journal, Buchanan had been steering the company toward a massive, multimillion-dollar deal with a vendor called Incredibrew.
The twist? Incredibrew was founded by Chandra Holt.
If that name sounds familiar, it's because she’s also a heavy hitter in retail, having run Bed Bath & Beyond and worked with Buchanan at Walmart years ago. The investigation alleged they were in a romantic relationship while he was pushing Kohl's to sign a deal with her company on "highly unusual" terms.
The Fallout from the Investigation
When you're the CEO of a multi-billion dollar public company, you can’t just give your friends (or partners) huge contracts without telling the board. That's Corporate Governance 101.
- The Firing: On May 1, 2025, the board pulled the trigger. They stated the termination was "for cause," meaning he didn't get a golden parachute or a nice severance package.
- The New Guy: Michael Bender, who was already on the board, stepped in as interim CEO immediately. He’s since been made the permanent CEO as of November 2025.
- The Damage: Kohl's has now had four CEOs in four years. That kind of turnover is toxic for a brand that’s already trying to figure out if it's a department store or a discount hub.
It’s kinda wild to think about. Buchanan was supposed to be the "omnichannel expert" who would fix the website and make the stores cool again. Instead, his legacy is a cautionary tale about transparency.
Why the Board Acted So Fast
Kohl’s couldn’t afford another scandal. They’ve been under fire from activist investors like Macellum Capital Management for what feels like forever. These investors are constantly breathing down the board's neck, demanding higher stock prices and better management.
If the board had sat on the news that their CEO was funneling cash to a secret partner, the activists would have devoured them. By firing him instantly, they signaled to the market that they were at least trying to keep the house clean.
The Career Before the Crash
To understand why this was such a shock, you have to look at what Ashley Buchanan did before he got to Menomonee Falls. He wasn't some random hire.
At Michaels, he was a rockstar. He took over right before the pandemic hit and somehow managed to make a craft store feel modern. He leaned into the "maker" economy, fixed their e-commerce, and eventually helped the company go private in a deal with Apollo Global Management. Before that, he spent over a decade at Walmart, eventually becoming the Chief Merchant for their U.S. e-commerce division.
He knew the math. He knew the supply chain. He just seemingly didn't think the rules applied to his personal life.
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Is Kohl's Better Off Now?
The short answer is: maybe?
Michael Bender, the current CEO, is a "steady hand" type of leader. He’s got the Walmart pedigree too, but he’s been on the Kohl's board since 2019. He knows where the bodies are buried. Under his watch, the company is doubling down on things that actually work, like the Sephora shops-in-shops and trying to get more people to use their "Kohl's Cash" on things other than basic towels.
But the ghost of the Buchanan era still lingers. Every time there’s a leadership change, the strategy shifts. One CEO wants more dress clothes; the next wants more yoga pants. This "identity crisis" is why the stores often feel like a disorganized garage sale in certain sections.
Key Lessons from the Ashley Buchanan Scandal
If you’re a business student or just a retail nerd, there are a few big takeaways here that go beyond the gossip:
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- Disclosure is everything. In the C-suite, a "conflict" isn't always a fireable offense if you disclose it early. Hiding it makes it a crime (or at least a breach of contract).
- Retail is small. Everyone knows everyone. Buchanan and Holt had been in the same circles for a decade. In a small world, secrets don't stay secret.
- The "Golden Boy" trap. Just because someone has a great resume doesn't mean they fit the culture. Kohl's needed stability, and they hired a disruptor who ended up disrupting the wrong things.
Practical Steps for Following the Turnaround
If you’re an investor or a regular shopper wondering if Kohl’s is going to survive the 2020s, keep your eye on these three metrics:
First, look at the comparable store sales. If they keep dropping 4% or 5% every quarter, no CEO—not even a superstar—can save them.
Second, watch the Sephora partnership. It’s the only thing driving foot traffic right now. If that deal ever soured, Kohl's would be in serious trouble.
Finally, pay attention to the inventory levels. One thing Michael Bender is trying to do is "simplify." That means fewer random brands and more of what people actually buy. If the stores start looking cleaner and less cluttered, the turnaround might actually be working.
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The story of Ashley Buchanan at Kohl's is basically a Shakespearean tragedy set in a department store. It had the rise, the power, and the spectacular fall—all in about 100 days. Now, the company is just trying to make sure the next chapter is a lot more boring. Because in retail, boring is usually a lot more profitable.
Next Steps for Researching Retail Leadership:
Review the latest SEC Form 8-K filings for Kohl's Corporation to see the specific legal language regarding executive transitions and any ongoing litigation related to "for cause" terminations. Check the quarterly earnings transcripts for comments from Michael Bender regarding the "operational excellence" strategy intended to move the brand past recent leadership volatility.