Sensation: Kohl’s CEO fired for violating corporate policy
1 may 2025 в 21:13
The Kohl’s department store network announced stunning news on May 1, 2025, confirming the dismissal of their CEO, Ashley Buchanan. Buchanan had been in this position for only five months before being fired.
Buchanan’s dismissal occurred against the backdrop of recent store closures and financial difficulties among other retailers, including Forever 21 and JoAnn Stores.
Below you will learn why Kohl’s fired Buchanan and who will replace him.
Buchanan is a business executive who has held positions on the boards of directors of other companies. He is a former CEO of The Michaels Companies, former Chief Merchandising Officer and Chief Operating Officer of Walmart’s e-commerce business, and was a member of The Michaels Companies' board of directors.
Kohl’s stated that Buchanan was fired «for cause», - claiming that he «violated corporate policies».
«An investigation conducted by external lawyers and overseen by the Audit Committee of the Board of Directors revealed that Mr. Buchanan violated corporate policies by directing the company to engage in transactions with suppliers involving undisclosed conflicts of interest, which the Board of Directors deemed to be the cause», - the company said in a press release. «Mr. Buchanan’s dismissal is not related to the company’s performance, financial reporting, or operational activities and did not affect other company employees».
Kohl’s added in the press release: «In accordance with the terms of his employment contract, Mr. Buchanan is no longer a member of the board of directors, and the company has withdrawn his nomination for election to the board of directors at the company’s annual shareholder meeting in 2025».
In their press release, Kohl’s confirmed that Michael Bender has become the interim CEO, immediately assuming the position.
«Mr. Bender has been a member of the board of directors since July 2019 and was appointed chairman of the board in May 2024», - said the retail giant.
Bender stated that he «feels honored to take on the role of interim CEO at this important moment for the company».
«Working with our talented leadership team, board of directors, and thousands of employees, I am committed to continuing to execute our strategic framework to increase value for shareholders», - Bender continued, referencing the press release. «Kohl's has a strong foundation with over 1100 conveniently located stores nationwide, serving more than 60 million customers. We will continue to build on this foundation, enhancing the value we provide to our customers, and creating conditions for significant operational and financial progress»
Buchanan’s dismissal occurred against the backdrop of recent store closures and financial difficulties among other retailers, including Forever 21 and JoAnn Stores.
Below you will learn why Kohl’s fired Buchanan and who will replace him.
Buchanan is a business executive who has held positions on the boards of directors of other companies. He is a former CEO of The Michaels Companies, former Chief Merchandising Officer and Chief Operating Officer of Walmart’s e-commerce business, and was a member of The Michaels Companies' board of directors.
Kohl’s stated that Buchanan was fired «for cause», - claiming that he «violated corporate policies».
«An investigation conducted by external lawyers and overseen by the Audit Committee of the Board of Directors revealed that Mr. Buchanan violated corporate policies by directing the company to engage in transactions with suppliers involving undisclosed conflicts of interest, which the Board of Directors deemed to be the cause», - the company said in a press release. «Mr. Buchanan’s dismissal is not related to the company’s performance, financial reporting, or operational activities and did not affect other company employees».
Kohl’s added in the press release: «In accordance with the terms of his employment contract, Mr. Buchanan is no longer a member of the board of directors, and the company has withdrawn his nomination for election to the board of directors at the company’s annual shareholder meeting in 2025».
In their press release, Kohl’s confirmed that Michael Bender has become the interim CEO, immediately assuming the position.
«Mr. Bender has been a member of the board of directors since July 2019 and was appointed chairman of the board in May 2024», - said the retail giant.
Bender stated that he «feels honored to take on the role of interim CEO at this important moment for the company».
«Working with our talented leadership team, board of directors, and thousands of employees, I am committed to continuing to execute our strategic framework to increase value for shareholders», - Bender continued, referencing the press release. «Kohl's has a strong foundation with over 1100 conveniently located stores nationwide, serving more than 60 million customers. We will continue to build on this foundation, enhancing the value we provide to our customers, and creating conditions for significant operational and financial progress»
© Smirnova Olga
