Whoa — Kohl’s just dropped a bombshell, and it’s not on sale!
Ashley Buchanan, the now former CEO of Kohl’s, just got the boot — and not the cute fall kind. According to The Associated Press, the board of directors fired Buchanan for cause after an internal investigation revealed a major conflict of interest tied to vendor deals.
Yep, turns out Buchanan allegedly had ties to vendors that weren’t exactly above board — and he didn’t disclose them. Big no-no.
The retail giant didn’t spill all the details, but they made one thing crystal clear: the firing had nothing to do with the company’s finances or any other execs. This one’s all on Ashley.
The news came fast and hot on May 1, and let’s just say — the corporate world blinked.
Oh, and plot twist — Kohl’s stock went up 6.4% after the announcement. Investors clearly said, “Bye, Ashley!” with a cheer. According to Investopedia, while same-store sales were down a bit this quarter, they beat expectations. So, silver lining?
Buchanan had only been CEO since January — not even long enough to earn a Kohl’s Cash reward. He came from Michaels and Walmart, where he was known for his digital retail chops. But at Kohl’s? This story just unraveled faster than a clearance rack sweater.
Stepping in temporarily is board member Michael Bender. He’s sliding into the interim CEO chair while the board hunts for a permanent replacement.
Corporate shakeups are one thing, but this one’s got drama, receipts, and the kind of energy you usually only get from a Real Housewives reunion.
Will Kohl’s come out of this stronger? That’s for the next quarter to decide. But for now? Ashley’s out, and the board’s not looking back.