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The encyclopedia · People & Management · People decision · 2025

Kohl's CEO lasted 100 days — he directed business to his romantic partner's company

Kohl's CEO Ashley Buchanan was fired after 4 months for steering vendor contracts and a consulting deal to his romantic partner's company.

Kohl's · 2025-05

What happened

On May 1, 2025, Kohl's fired CEO Ashley Buchanan for cause after an external investigation found he violated the company's conflict-of-interest policies. Buchanan had been CEO since January 15 — just 106 days earlier. The investigation found he directed Kohl's to engage in vendor transactions with a company founded by his romantic partner, Chandra Holt, and caused the company to enter into a multi-million dollar consulting agreement involving the same individual.

Buchanan was forced to forfeit his equity awards and repay a pro-rata portion of his $2.5 million signing bonus. Kohl's stock rose 51 cents (7.5%) on the day of the announcement, suggesting investors viewed the board's swift action as a positive signal. Board chair Michael Bender was appointed interim CEO.

The termination was Kohl's latest leadership turmoil. The retailer had been struggling with declining sales and had hired Buchanan from Michaels to turn the business around. His short tenure meant the company lost four months of a turnaround effort and had to restart the CEO search process.

Why it happened

  • Buchanan directed company business to his romantic partner's vendor without disclosing the personal relationship, a direct violation of the company's code of ethics.
  • The multi-million dollar consulting agreement with the same individual compounded the conflict — it was not a single lapse but a pattern of undisclosed dealings.
  • The CEO lasted only 106 days, meaning the board's hiring process failed to identify a candidate who would pass basic ethics scrutiny.
What it costCEO forfeited equity and $2.5M bonus; lost 4 monthsembarrassing

The lesson

A CEO who lasts 100 days is a hiring failure, not just a firing. A signing bonus that takes months to claw back gives a short-tenured executive time to do damage before the board catches it.

Aftermath

Kohl's appointed board chair Michael Bender as interim CEO and restarted the CEO search. Buchanan forfeited equity awards and repaid a portion of his $2.5M signing bonus. The company stated the termination was unrelated to financial performance.

Sources

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