If you were betting on who would lead the great American department store comeback, Ashley Buchanan seemed like a safe house. He was the "golden boy" from Michaels, the guy who survived the Walmart trenches and came out the other side with a reputation for fixing broken retail machines. Then, in May 2025, just about 100 days after he officially took the keys to the corner office, Kohl’s dropped a bomb. They didn't just let him go. They fired him "for cause."
Honestly, in the world of corporate retail, being fired "for cause" is the professional equivalent of being tossed out of a moving car. It almost never happens to CEOs. Usually, there’s a polite press release about "spending more time with family" or "pursuing other opportunities." Not this time.
The 100-Day Disaster: Why Kohl's CEO Ashley Buchanan Fired So Fast
The timeline here is wild. Buchanan officially started as CEO on January 15, 2025. By May 1, he was gone. To put that in perspective, most CEOs are still trying to figure out where the executive restroom is and which VPs they can actually trust after three months.
According to the official line from Menomonee Falls, an internal investigation by outside counsel found that Buchanan had violated company policies. The core of the issue? Undisclosed conflicts of interest. Specifically, he allegedly directed the company to engage in transactions with a vendor that had "highly unusual terms" favorable to the supplier.
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But it gets messier. It wasn't just a bad business deal; it was personal. Reports from the Wall Street Journal and other outlets quickly pointed to a relationship between Buchanan and an executive at a vendor company—a former Bed Bath & Beyond exec he had known since their days together at Walmart. The board claimed he kept this relationship a secret while pushing through a deal that included a multimillion-dollar consulting agreement.
The Warning Signs Kohl's Ignored
Here’s the part that makes this a true business thriller: some people say Kohl's was warned. Brittain Ladd, a retail consultant who has become a bit of a thorn in the side of corporate boards, claims he reached out to Kohl’s legal team well before Buchanan was hired.
Ladd had been tracking Buchanan’s tenure at Michaels and alleged a pattern of similar behavior there involving another associate, Hsiao Wang. Whether or not those specific claims were the primary driver of the Kohl's board's decision, the optics were disastrous. It made the board look like they skipped the "due diligence" part of the hiring process.
A "Blow Upon a Bruise" for a Struggling Brand
Retail analyst Neil Saunders famously called this firing a "blow upon a bruise." Kohl’s was already hurting. They’ve been stuck in a sales slump for years, watching middle-income shoppers flee to Amazon or Walmart for basics and Sephora (ironically, inside their own stores) for everything else.
The Buchanan era was supposed to be the "stabilization" phase. Instead, it became a circus.
- The Financial Hit: Buchanan had to pay back a large chunk of his $2.5 million signing bonus.
- The Leadership Vacuum: Michael Bender, the Board Chair, had to step in as interim CEO immediately.
- The Reputation Damage: Kohl's became the "revolving door" of retail, having gone through four CEOs in roughly four years (Michelle Gass, Tom Kingsbury, Ashley Buchanan, and then Michael Bender).
Is This the End of the Road for Buchanan?
What most people get wrong about these high-level firings is thinking the executive is "done." In retail, people have short memories, but a "for cause" termination is a heavy anchor to drag around. While at Michaels, Buchanan was credited with modernizing their digital stack and streamlining the store footprint. He's clearly a talented merchant.
However, the "for cause" label means no severance, no equity vesting, and a massive legal headache. For Kohl’s, the focus has shifted entirely to Michael Bender, who was officially named the permanent CEO in late 2025. They’re trying to move past the "Buchanan Blip" and actually sell some clothes.
What This Means for the Future of Retail Leadership
The Ashley Buchanan saga is a wake-up call for corporate boards everywhere. It’s not enough to hire a "winner" from another company. You have to vet the culture and the ethics just as much as the quarterly earnings reports.
If you're an investor or just a shopper wondering if your local Kohl's is going to survive, keep an eye on these three things:
- Vendor Transparency: Expect Kohl's to have the most annoying, red-tape-heavy vendor approval process in history for a while.
- Board Accountability: Shareholders are already asking why the search committee didn't catch these red flags earlier.
- The "Sephora" Safety Net: At this point, the Sephora partnership is the only thing keeping the lights on in many locations. If that ever wavers, the CEO drama won't even matter.
Actionable Insights for the Business Minded:
If you're following this story for career or investment reasons, the lesson is clear: Disclosure is everything. In the executive suite, it’s rarely the "act" that gets you—it’s the "cover-up" or the failure to mention it in the first place. For Kohl's, the path forward requires radical transparency with shareholders to prove that the "revolving door" in the corner office has finally been locked.