United States Department Store $725 Million Kohl Fires New CEO Ashley Buchanan after Less than 5 Months for Undisclosed Personal Relationship with Vendor Consulting Team Member (Boston Consulting Group Chandra Holt) & Directing a Multi-Million Deal, Violation of Company Policies after Investigation by External Law Firm, Ashley Buchanan Will Forfeit All Equity Awards & Bonuses and to Reimburse $2.5 Million Sign on Bonus Pro-Rated
8th May 2025 | Hong Kong
United States department store Kohl ($725 million market value) has fired new CEO Ashley Buchanan after less than 5 months for undisclosed personal relationship with vendor consulting team member (Boston Consulting Group Chandra Holt) & directing a multi-million deal to Boston Consulting Group. Ashley Buchanan was found to be in violation of company policies after investigation by an external law firm. Ashley Buchanan will forfeit all equity awards & bonuses, and to reimburse $2.5 million sign on bonus pro-rated. Announcement (1/5/25): “Kohl’s Corporation (“Kohl’s” or the “Company”) (NYSE: KSS) today announced that the Kohl’s Board of Directors (the “Board”) has appointed Michael Bender as Interim Chief Executive Officer (CEO), effective immediately. Mr. Bender has served as a Director of the Board since July 2019 and was appointed Board Chair in May 2024. Mr. Bender’s appointment follows the Board’s decision to terminate Ashley Buchanan for cause. An investigation conducted by outside counsel and overseen by the Audit Committee of the Board determined Mr. Buchanan violated company policies by directing the Company to engage in vendor transactions that involved undisclosed conflicts of interest, which the Board determined to be cause. Mr. Buchanan’s termination is unrelated to the Company’s performance, financial reporting, results of operations and did not involve any other Company personnel. In accordance with the terms of this employment contract, Mr. Buchanan is no longer a member of the Board, and the Company has withdrawn his nomination for election as a Director at the Company’s 2025 Annual Meeting of Shareholders. The Board will initiate a search to identify a permanent CEO and retain a leading search firm to assist with this process.” Kohl’s – Kohl’s (NYSE: KSS) is a leading omnichannel retailer built on a foundation that combines great brands, incredible value and convenience for our customers. Kohl’s is uniquely positioned to deliver against its long-term strategy and its purpose to take care of families’ realest moments. Kohl’s serves millions of families in its more than 1,100 stores in 49 states, online at Kohls.com, and through the Kohl’s App. With a large national footprint, Kohl’s is committed to making a positive impact in the communities it serves.
“ United States Department Store $725 Million Kohl Fires New CEO Ashley Buchanan after Less than 5 Months for Undisclosed Personal Relationship with Vendor Consulting Team Member (Boston Consulting Group Chandra Holt) & Directing a Multi-Million Deal, Violation of Company Policies after Investigation by External Law Firm, Ashley Buchanan Will Forfeit All Equity Awards & Bonuses and to Reimburse $2.5 Million Sign on Bonus Pro-Rated “
United States Department Store $725 Million Kohl Fires New CEO Ashley Buchanan after Less than 5 Months for Undisclosed Personal Relationship with Vendor Consulting Team Member (Boston Consulting Group Chandra Holt) & Directing a Multi-Million Deal, Violation of Company Policies after Investigation by External Law Firm, Ashley Buchanan Will Forfeit All Equity Awards & Bonuses and to Reimburse $2.5 Million Sign on Bonus Pro-Rated
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