Kohl CEO Ashley Buchanan has been terminated after 100 days In the position. The clothing retailer made the announcement Thursday morning on their website. According to the press release, Buchanan’s ouster was due to the results of an outside investigation overseen by the Audit Committee of the Board.
The investigation found that Buchanan violated the company’s policies by engaging Kohl’s with vendors he knew personally and allegedly had a conflict of interest. The termination is effective immediately, removing Buchanan from the board of directors and removing his nomination for company director at Kohl’s 2025 Annual Meeting of Shareholders.
While the company continues searching for a permanent replacement, the board elected Michael Bender as Interim Chief Executive Officer (CEO), with Chair of the Nominating and ESG Committee John Schlifske stating that they had full confidence in Bender to fulfill his temporary role.
“I am honored to assume the role of Interim CEO at this important time for the Company,” said Bender 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.”
“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,” He continued.
Before his employment at Kohl’s, Bender was CEO of Eyemart Express and Chief Operating Officer of Global eCommerce at Walmart.
