MENOMONEE FALLS, Wis. — Kohl’s Corporation dropped a bombshell yesterday, April 30, 2025, announcing the abrupt termination of CEO Ashley Buchanan for cause, following an internal probe that uncovered violations of company policy. The department store chain, already grappling with sagging sales, has tapped Michael Bender, a seasoned board member, to step in as interim CEO while it scrambles to find a permanent replacement.
The board’s decision came after an investigation, led by outside counsel and overseen by the audit committee, found Buchanan had breached Kohl’s rules by steering the company into vendor dealings that raised red flags. Specifics of the violations remain under wraps, but the company was clear: Buchanan’s actions crossed a line, and he was out, effective immediately. No severance package was mentioned, a detail that speaks volumes about the severity of the board’s findings.
Buchanan, who took the helm in January 2023, had been tasked with turning around Kohl’s fortunes amid fierce competition from online retailers and discount chains. His tenure saw mixed results—efforts to refresh store brands and boost online sales clashed with persistent declines in foot traffic. The company’s preliminary first-quarter numbers, released alongside the firing, painted a grim picture: comparable sales down 4% to 4.3% compared to last year. Kohl’s, with nearly 1,200 stores nationwide, has been fighting to stay relevant in a retail landscape that’s increasingly unforgiving.
Enter Michael Bender, a Kohl’s board member since 2021, now thrust into the interim CEO role. Bender, 63, brings a deep resume, having served as chief operating officer at Walmart and held executive posts at Cardinal Health and General Motors. The board praised his “extensive operational experience” and “steady hand” in a statement, signaling a focus on stability as Kohl’s navigates this mess. A search for a permanent CEO is underway, with the company vowing to move fast but offering no timeline.
The shakeup caps a turbulent stretch for Kohl’s. In recent years, the retailer has fended off activist investors, explored a potential sale that fizzled, and leaned heavily on partnerships like Sephora to draw younger shoppers. Yet, the numbers tell a tough story: full-year sales in 2024 dipped 3.4% to $17.5 billion, and the stock has taken a beating, down roughly 20% over the past year. Buchanan’s exit, coupled with the sales slump, raises questions about the road ahead for a chain that once defined Middle America’s shopping habits.
Kohl’s board chair, Peter Boneparth, emphasized that the company’s “strong governance” drove the decision to act swiftly. The audit committee’s findings, while not public, were serious enough to prompt unanimous board action. Bender, in his first remarks as interim CEO, pledged to keep stores running smoothly and focus on “delivering value to customers” during the transition.
The retailer operates 1,178 stores across 49 states and employs about 96,000 people. Its headquarters remain in Menomonee Falls, Wisconsin. Bender’s appointment takes effect immediately, and the board has engaged a search firm to identify Buchanan’s permanent successor. No further details on the investigation or Buchanan’s departure were disclosed.