Kohl's Leadership Shakeup: Michael Bender Steps In As Interim CEO Following Buchanan's Exit

The Board of Directors at Kohl’s Corp. (KSS) has made a significant leadership change, removing Chief Executive Officer Ashley Buchanan from his position due to violations of company policies discovered during an independent investigation by outside counsel. The inquiry, overseen by the Audit Committee, revealed that Buchanan had authorized the company to enter into vendor partnerships containing undisclosed conflicts of interest, which the Board classified as grounds for termination. The decision to remove Buchanan stems from these governance issues rather than concerns about the retailer’s operational or financial performance.

New Interim Leadership Brings Retail Expertise

Michael Bender, who has served as a Director since July 2019 and currently holds the position of Board Chair, has been appointed as Interim CEO, effective immediately. Bender’s extensive background in retail and operational management spans multiple Fortune 500 companies. Most recently, he led Eyemart Express, an optical retailer, where he served as President and CEO from January 2018 through April 2022. Before that appointment, Bender held the Chief Operating Officer role overseeing Global eCommerce at Walmart Inc., one of the world’s largest retailers.

Bender’s career trajectory includes senior executive roles at several major consumer-focused corporations, including Cardinal Health, Victoria’s Secret (under L Brands), and PepsiCo. This diverse portfolio of leadership experience positions him to navigate the current challenges facing the department store sector. While stepping into the interim role, Bender will relinquish his position as Board Chair and step back from certain committee assignments, though he will maintain his Board membership.

Financial Headwinds Continue

Kohl’s issued preliminary guidance for the first quarter of 2025, reflecting ongoing challenges in the retail environment. The company projects a loss between $0.20 and $0.24 per share for the quarter, accompanied by a comparable sales decline ranging from 4.0% to 4.3%. These figures underscore the broader difficulties facing traditional department stores in an evolving retail landscape.

The Board has initiated a comprehensive search for a permanent Chief Executive, enlisting the support of a leading executive search firm to identify qualified candidates. A new Board Chair will be announced in the coming weeks as part of the organizational restructuring process.