Ashley Buchanan, a well-known figure in American retail, made headlines in May 2025 — not for leading innovation or driving shareholder value, but for an unexpected and dramatic exit from his role as CEO of Kohl’s Corporation. Just months into his new role, Buchanan was terminated “for cause,” with the company citing violations of internal policies, specifically undisclosed conflicts of interest in vendor dealings.

This development not only raises questions about corporate governance at the highest level but also forces both investors and the retail industry at large to reassess how quickly executive-level transitions can collapse under ethical scrutiny.

In this detailed analysis, we examine why Ashley Buchanan was fired, what it means for Kohl’s and Michaels (his previous employer), and how this impacts the broader leadership culture in corporate America.

A Fast Climb in Retail Leadership

Ashley Buchanan is no stranger to the retail world. Before taking the helm at Kohl’s, he had a long career at Walmart and Sam’s Club, where he built a reputation for operational efficiency and digital innovation. That experience led him to Michaels in 2020, where he served as CEO during a transformational period.

At Michaels, Buchanan oversaw the transition from a public company to private ownership and launched initiatives such as the MakerPlace platform. His leadership was credited with reinvigorating the arts and crafts chain’s presence in the digital space, while also managing costs and expanding its footprint.

In late 2024, Buchanan announced he would step down from Michaels, and shortly after, Kohl’s made public that he would take over as CEO starting January 15, 2025, succeeding Tom Kingsbury. The retail community viewed this as a strategic hire, given Buchanan’s proven experience and strong digital-first approach.

The Sudden Fall: Why Ashley Buchanan Was Fired

Despite a promising entry into Kohl’s leadership, Buchanan’s tenure lasted less than five months.

On May 1, 2025, Kohl’s made a formal announcement: Ashley Buchanan had been terminated “for cause.” The reason? An internal investigation uncovered that Buchanan had directed the company to engage in vendor transactions that posed undisclosed conflicts of interest — a direct violation of company policies. These transactions were not publicly detailed but were serious enough for the board to act swiftly.

Importantly, the company emphasized that the issue was isolated to Buchanan, did not involve other employees, and was not related to financial performance or public disclosures.

The fact that the termination was “for cause” means Buchanan forfeited any severance or exit benefits — a rare and serious move in corporate governance. It also means that his actions were not merely a lapse in judgment but deemed by Kohl’s board as materially harmful to the company and its ethical code.

Timeline of Events

• November 2024: Buchanan announces exit from Michaels.
• January 15, 2025: Officially takes over as CEO of Kohl’s Corporation.
• May 1, 2025: Kohl’s terminates Buchanan for cause, citing undisclosed vendor conflicts.

The brevity of his tenure only amplifies the shock of the announcement. Buchanan had barely begun executing his vision for the company when it was abruptly cut short.

Interim Leadership and Board Response

Following Buchanan’s termination, Kohl’s appointed Michael Bender, Board Chair since 2024, as interim CEO. Bender brings more than 30 years of experience in retail and consumer sectors, with previous leadership roles at Walmart, L Brands, and PepsiCo.

The board also initiated a search for a permanent CEO with the help of an executive search firm.

In its official statements, Kohl’s reiterated its commitment to governance and transparency. The company emphasized that ethics and integrity remain foundational principles and that Buchanan’s actions were inconsistent with that ethos.

The Vendor Conflict: What We Know

While the company did not disclose specific details of the vendor transactions in question, the terminology used — “undisclosed conflicts of interest” — generally refers to cases where a company executive may have had a personal, financial, or relational stake in a deal but failed to disclose it to the board or compliance team.

In retail, where vendor relationships often run into millions of dollars, this is a serious breach. Conflicts of interest can erode supplier trust, expose the company to regulatory scrutiny, and risk financial losses or reputational damage.

While there is no evidence (at this point) of illegal activity, the board’s decision to terminate Buchanan rather than allow a quiet resignation signals the severity of the situation.

Impact on Kohl’s

The sudden leadership change is the third major executive turnover at Kohl’s in three years, creating a sense of instability at a time when the company is under pressure from declining sales, intensifying e-commerce competition, and activist investor scrutiny.

Buchanan was brought in to lead Kohl’s into its next phase, especially in digital transformation. With his departure, that roadmap is now uncertain.

Kohl’s will need to work hard to assure investors, employees, and partners that the company remains on a clear strategic path. Interim CEO Michael Bender has already signaled that operational stability will be his top priority during this transition.

Fallout for Michaels

While Buchanan left Michaels in a structured and seemingly amicable departure, his termination at Kohl’s may reflect retroactively on his tenure at the crafts retailer.

To maintain stability, Michaels has created a three-person interim CEO structure comprising:

• Heather Bennett, President
• Stacey Shively, Chief Merchandising Officer
• Perry Pericleous, Chief Financial Officer

This move ensures continuity of operations while a new CEO is selected.

Michaels has not released any comments linking Buchanan’s Kohl’s termination with his time at their company, and there is no public information indicating any wrongdoing during his leadership there. However, stakeholders and private equity owners may be reviewing internal practices to prevent similar risks.

Broader Lessons in Corporate Governance

The Buchanan episode is another cautionary tale for companies emphasizing leadership charisma over internal checks and balances. Hiring a high-profile executive brings brand equity and market optimism, but also risks if background vetting or governance oversight is compromised.

Companies across sectors are facing increasing scrutiny from regulators, shareholders, and media. Integrity, transparency, and the ability to disclose conflicts are not optional — they are essential in boardroom conduct.

Buchanan’s rise and fall within such a short span demonstrates that even seasoned executives are not above the rules, and that no level of past success grants immunity from accountability.

What’s Next?

Kohl’s must now:

• Restore investor and board confidence
• Communicate a clear vision through its interim leadership
• Recruit a long-term CEO who embodies both competence and integrity

Michaels, on the other hand, will aim to keep the focus on its customer-first transformation rather than Buchanan’s headlines.

As for Ashley Buchanan, his future in the retail industry remains uncertain. While not formally charged with any legal wrongdoing, the reputational damage from being fired for cause at a Fortune 500 company could have long-term consequences.

Conclusion

Why Ashley Buchanan was fired is no longer just a headline — it’s a case study. His rapid fall from grace is a stark reminder of how quickly corporate credibility can unravel when ethical red flags are ignored. For Kohl’s, Michaels, and the broader retail world, the message is clear: leadership must not only be bold but also transparent, accountable, and above reproach.

Disclaimer:
This article is for informational purposes only and does not constitute investment advice. The views expressed are based on publicly available data and may be subject to change. Always conduct your own research or consult a financial advisor before making investment decisions.