4 Months, 5 Shocking Details: The Scandal That Ended Kohl's CEO Ashley Buchanan's Career

The corporate world was rocked by a stunning executive scandal on May 1, 2025, when retail giant Kohl's announced the immediate termination of its newly appointed Chief Executive Officer, J. Ashley Buchanan. After just four months in the top job, Buchanan was dismissed for cause following an internal investigation that uncovered a serious ethics violation and an undisclosed conflict of interest related to a "highly unusual" vendor transaction. The swift action by the Kohl's Board of Directors sent a clear message about the company's zero-tolerance policy for executive misconduct, regardless of the individual's position or short tenure.

As of today, December 13, 2025, the details of the scandal continue to serve as a high-profile case study in the critical importance of corporate governance and ethical compliance. The firing was not related to the company's financial performance but centered entirely on a personal relationship that crossed professional lines, prompting an immediate leadership shakeup and a new path forward for the storied department store chain.

The Meteoric Rise and Abrupt Fall of J. Ashley Buchanan

J. Ashley Buchanan's career trajectory was once seen as a model of modern retail leadership, marked by high-profile roles at some of the industry's biggest names. His arrival at Kohl's in January 2025 was highly anticipated, meant to signal a new era for the struggling retailer.

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Here is a snapshot of his professional profile leading up to the scandal:

• Full Name: J. Ashley Buchanan
• Born: 1974
• Kohl's Tenure: CEO from January 2025 to May 1, 2025 (approximately four months).
• Previous Key Roles:
  • Chief Executive Officer (CEO) of Michaels Co., where he oversaw the company's sale to a private equity firm.
  • Chief Merchandising Officer (CMO) at Walmart U.S.
  • CEO of Walmart's e-commerce arm.
• Termination Reason: Fired "for cause" due to an ethics violation and undisclosed conflict of interest involving a vendor transaction.

Despite his impressive resume and short time in the CEO chair, the board acted decisively once the misconduct was confirmed. The termination "for cause" meant Buchanan forfeited substantial severance and compensation, underscoring the severity of the ethical lapse.

The Unraveling: Inside the 'Highly Unusual' Vendor Deal

The core of the scandal was a severe violation of Kohl's company policy regarding conflicts of interest. The investigation, which was overseen by the Board and conducted by outside counsel, focused on a specific, "highly unusual" business deal that Ashley Buchanan allegedly orchestrated.

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The details of the vendor transaction were particularly damaging. It was revealed that Buchanan had directed Kohl's to enter into an agreement to sell products from a company founded by a woman with whom he had a personal, romantic relationship—a former Walmart executive and the founder of the company Incredibrew.

This undisclosed relationship and the resulting business deal created an undeniable conflict of interest. The CEO, the highest-ranking executive responsible for the company's strategic direction and ethical standards, used his position to benefit a personal associate. This breach of trust was deemed irreparable by the board.

The board emphasized that the issue was isolated to this ethical misconduct and did not involve any financial malfeasance or affect the company's broader financial reporting. However, the use of company resources and the potential for a non-arm's-length transaction with a connected vendor was a major failure of corporate governance.

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Immediate Aftermath and Kohl’s Path Forward

The termination of a CEO, especially one so new to the role, typically sends a company's stock into a tailspin. However, Kohl's experienced a surprising market reaction: its stock price actually rose following the announcement.

This positive investor response highlighted a crucial element of modern corporate sentiment: the market values strong corporate governance and decisive action over executive stability when a serious ethical breach occurs. Investors saw the board's swift termination of Buchanan as a sign of strength and commitment to ethical compliance.

The New Leadership Era: Michael Bender

To ensure stability and a smooth transition, the Kohl's Board of Directors immediately appointed one of its current members, Michael Bender, as the Interim CEO. Bender, a seasoned retail veteran who had been a director since July 2019, quickly took the reins.

Bender's interim role was a success, and nearly seven months after the scandal, the board officially named Michael Bender as the permanent CEO. This move provided much-needed leadership stability, allowing the company to move past the high-profile ethical scandal. The focus shifted back to the core business strategy and navigating the challenging retail landscape.

The entire episode served as a powerful reminder to all public companies that conflicts of interest, no matter how seemingly small, can destroy a career and destabilize a major organization. The need for transparency, adherence to the code of conduct, and robust internal oversight mechanisms has never been more critical in the C-suite.

Kohl's, under its new leadership, has sought to reinforce its commitment to ethical standards and corporate integrity, hoping to rebuild trust with shareholders and the public following the brief but tumultuous tenure of J. Ashley Buchanan.