In a stunning turn of events, Ashley Buchanan was ousted as Kohl’s CEO “for cause” on May 1, 2025, sending shockwaves through the retail world. The department store giant announced that its Board of Directors terminated Buchanan, who had only taken the helm in January 2025, and appointed Michael Bender, the Board Chair, as Interim CEO. This bombshell, unrelated to Kohl’s financial performance or operations, has left analysts and shoppers buzzing with questions. What led to this drastic move? And what’s next for Kohl’s as it navigates a turbulent retail landscape? Let’s dive into the drama, unpack Ashley’s brief tenure, and explore where Kohl’s is headed.
The Fall of Ashley Buchanan: What Happened?
Kohl’s dropped the news in a Business Wire press release, stating that Ashley Buchanan’s termination was effective immediately. The Board’s decision to fire him “for cause” was cryptic, with no juicy details disclosed. However, they clarified it wasn’t tied to the company’s sales, financial reporting, or other personnel issues. Buchanan, who also served on the Board, was stripped of his director role and withdrawn from the 2025 Annual Meeting of Shareholders nomination. Michael Bender, a Kohl’s veteran since 2019 and Board Chair since May 2024, stepped in as Interim CEO to steady the ship.
Speculation is rife about what “for cause” means. Was it a breach of conduct, a strategic misstep, or something personal? Kohl’s isn’t spilling the tea, but the retail industry is no stranger to high-profile exits. Buchanan’s departure marks Kohl’s third CEO change in three years, raising eyebrows about stability at the top.
Ashley Buchanan’s Brief Reign: High Hopes, Tough Times
When Ashley Buchanan took over in January 2025, he was hailed as a retail savior. Fresh from leading The Michaels Companies and stints at Walmart and Sam’s Club, he brought a hefty resume and a $20 million compensation package—double that of his predecessor, Tom Kingsbury. Kohl’s was struggling with a 9.4% sales drop in Q4 2024 and a 7.2% annual decline, per the Milwaukee Journal Sentinel. Buchanan’s mission was clear: turn around the sinking ship.
His strategy focused on three pillars:
- Product: Re-emphasizing private-label brands to attract core customers.
- Value: Offering quality at competitive prices.
- Experience: Enhancing store layouts and omnichannel shopping.
Buchanan also tackled Kohl’s Amazon returns program, pausing it at select stores as a test, as reported by USA TODAY. He closed 27 underperforming stores in March 2025, aiming to streamline operations. Despite these moves, Kohl’s projected a 4-6% sales decline for 2025, and shares plummeted 24% after a bleak Q4 earnings call in March, per Yahoo Finance. Was the pressure too much, or did something else derail Ashley’s tenure?
Kohl’s Under Fire: A Retail Identity Crisis
Kohl’s has been grappling with an identity crisis for years. Once a go-to for budget-conscious families, it’s struggled to compete with Amazon, Walmart, and Costco. Buchanan noted that customers earning under $100,000—Kohl’s core demographic—were squeezed by rising grocery and rent costs, curbing discretionary spending. The retailer’s pivot to name brands like Under Armour alienated coupon-loving shoppers, and digital sales tanked 13.4% in Q4 2024, per Retail TouchPoints.
The departure of Chief Technology Officer Siobhán McFeeney in April 2025 didn’t help. Her exit, amid a broader leadership shakeup, signaled internal chaos. Kohl’s stock, down 65% in the past year and trading at $6.66 in April, reflects investor skepticism. Yet, with over 1,120 stores and a loyal customer base, Kohl’s isn’t down for the count. The question is: can Interim CEO Michael Bender steer it back to glory?
What’s Next for Kohl’s and Ashley Buchanan?
Michael Bender’s interim role buys Kohl’s time to find a permanent CEO. His experience as Board Chair and a director since 2019 gives him insight into the company’s challenges. Analysts expect Bender to double down on Buchanan’s cost-cutting and customer-focused strategies while stabilizing leadership. Kohl’s isn’t alone in its struggles—Macy’s is closing 66 stores this year—but it needs a bold vision to regain relevance.
As for Ashley Buchanan, his next move is anyone’s guess. His track record at Michaels, where he boosted profitability, suggests he’ll land on his feet. But the “for cause” label could cast a shadow, making his exit a cautionary tale for retail execs. Will he address the speculation, or stay silent? Only time will tell.
Why This Matters to You
If you’re a Kohl’s shopper, this drama affects your experience. Store closures, leadership changes, and strategic shifts could mean fewer locations, different products, or altered return policies. For investors, Kohl’s volatility is a gamble—some see a buying opportunity, others a sinking ship. For retail enthusiasts, it’s a front-row seat to a high-stakes soap opera. One thing’s certain: Kohl’s saga is far from over, and we’re all watching to see who writes the next chapter.
Read Also-Ana de Armas Soars to New Heights: Hollywood’s Rising Star Shines Bright
Stay in the Loop
The retail world moves fast, and Kohl’s is at a crossroads. Will Bender’s interim leadership spark a comeback, or is Kohl’s destined for more turbulence? And what’s the real story behind Ashley’s exit? Keep an eye on Kohl’s press releases and industry news for updates. For now, grab your popcorn—this retail rollercoaster is just getting started.