Kohl’s fires new CEO 'for cause,' names interim chief

Kohl’s has fired CEO Ashley Buchanan, who had led the company since January 2025.

Kohl’s Corp. has fired its chief executive four months after he stepped into the role.

The struggling department store retailer has terminated Ashley Buchanan for cause, following an investigation conducted by outside counsel and overseen by the audit committee of its board. The investigation found that Buchanan violated company policies “by directing Kohl’s to engage in vendor transactions that involved undisclosed conflicts of interest.”

“Mr. Buchanan’s termination is unrelated to the company’s performance, financial reporting, results of operations and did not involve any other company personnel,” Kohl’s said in a statement. 

Buchanan took the reins of Kohl’s in January, succeeding Tom Kingsbury, who decided to retire. Buchanan joined the company from Michaels Companies, where he had served as CEO since 2020. Prior to that, Buchanan held a variety of senior executive roles at Walmart and Sam’s Club.

Buchanan’s exit is a “distraction that the company does not need and can ill afford,” Neil Saunders, managing director of GlobalData Retail, said in a note as reported by CNN.

“While the sacking is not related to performance, it gives the impression that Kohl’s is in perpetual state of chaos and it raises some questions about the due diligence over his appointment,” he said