• by Tanya Gazdik , May 1, 2025

Kohl’s has fired CEP Ashley Buchanan for cause just four months after he stepped into the role.

“The investigation found that Buchanan violated company policies by directing Kohl’s to engage in vendor transactions that involved undisclosed conflicts of interest,” according to Chain Store Age. 

His termination is unrelated to the company's performance, financial reporting or operations results,  and did not involve any other company personnel, Kohl’s said in a statement. 

“Buchanan tried to funnel business to a romantic partner and lost his job,” sources told The Wall Street Journal. “It wasn’t the first time their personal and professional lives had crossed. Buchanan met the woman, Chandra Holt, when they were both working at Walmart several years ago, the people said. His divorce proceedings show the two had a romantic relationship while he was the CEO of Michaels. The arts-and-crafts chain also tried to hire Holt during his tenure.”

The nature of Buchanan's and Holt's relationship was not disclosed, in violation of Kohl's code of ethics, according to The Wall Street Journal. 

Holt listed Boston Consulting Group on her LinkedIn page as an employer. But a spokesperson said the firm was "shocked to learn of the relationship between Chandra Holt and Ashley Buchanan,” according to the Milwaukee Journal Sentinel. "We have strict guidelines for our senior advisors to disclose any conflicts of interest," the firm said in a statement. "As a result of this non-disclosure, we have terminated Chandra Holt’s contract.”

During Buchanan’s brief tenure, Kohl’s carried out some cost-cutting measures, including layoffs at its corporate headquarters and the closure of 27 stores, according to The Washington Post, which reported that he will be required to reimburse part of his $2.5 million signing bonus.

Buchanan’s exit is “a blow upon a bruise for the beleaguered department store chain” and a “distraction that the company does not need and can ill afford,” says Neil Saunders, managing director of GlobalData Retail, in a note.

“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,” Saunders said.

Kohl’s has appointed Michael Bender as interim chief. Bender has served as a director of the board since July 2019 and was appointed board chair in May 2024. Kohl’s said it will initiate a search to identify a permanent CEO.