Kohl will close 27 defective stores nationwide by April
It will close more than two dozen locations as retail giants call suffers from a continuous decline in comparable sales
Scripps News
- Kohl’s Corp. fired CEO Ashley Buchanan four months later for violating the company’s policies, including private conflicts of interest.
- Buchanan’s firing was unrelated to company performance, and no other staff involved.
- Board chair Michael Bender will serve as interim CEO and permanent replacement searches will be conducted.
- Buchanan’s compensation package exceeded $20 million, but the company experienced a decline in sales and profits during its tenure.
Kohl’s Corp. fired CEO Ashley Buchanan just four months later – the latest in a series of negative developments of one of Wisconsin’s biggest companies.
Buchanan was fired after violating the company’s policies by dictating Cole to “enter a vendor transaction with a private conflict of interest,” the Menomony Falls-based department store operator announced on May 1.
“Mr. Buchanan’s termination is unrelated to the company’s performance, financial reporting or business results, and no other company officials are involved,” the statement said.
Kohl’s board chair Michael Bender has been appointed interim CEO, and the company is searching for Buchanan’s replacement.
With base salary and stock options, Buchanan has a total pay package of over $20 million, making him one of the best-paid Wisconsin executives.
That was significantly higher than compensation from his predecessor, Tom Kingsbury.
On March 11, Coles reported a 9.4% decline in sales and a 74.2% decline in profits in the fourth quarter of 2024, including the holiday shopping season.
Buchanan took over as CEO on January 15th.
He was the company’s third leader in four years. At the time of store closures, sales had fallen and stock prices had fallen 50% since early 2024.
Before being appointed CEO of Cole, Buchanan spent four years as a leader at craft retailer Michaels – where he signed a deal to sell the company to a private equity investor.
Buchanan’s interim successor, Vendor served as president and CEO of optical retailer Eyemart Express from 2018 to 2022.
Prior to joining Eyemart Express, Bender held an executive position at Walmart Inc. He was director of Kohl since 2019 and was appointed board chair in May 2024.
The vendor will remain on the board, but will resign from a specific board committee while serving as interim CEO. The company said the new board chairs will be announced “soon.”
“The Board has full confidence in providing services to its clients, clients and peers as interim CEOs and providing commitment to shareholders,” said John Schlifsuke, chairman of the Board’s Nomination and ESG Committee.
Coles is one of Wisconsin’s largest companies and ranks 235th in the nation on the 2024 Fortune 500.
There are about 4,000 Milwaukee-area employees and thousands of other workers in the state.