The Scoop: Kohl’s outlines path forward after new CEO fired for cause

Kohl’s fired its new CEO Ashley Buchanan on Thursday, saying it made the decision for cause.

The company said his termination stemmed from serious policy violations, not anything related to its operations. The Wall Street Journal reported that Buchanan allegedly directed the company to “enter into a ‘highly unusual’ business deal involving a woman with whom he has had a romantic relationship.”

“Mr. Buchanan’s termination is unrelated to the Company’s performance, financial reporting, results of operations, and did not involve any other Company personnel,” the board’s statement reads.

The board also announced that board chair Michael Bender, who has served on Kohl’s board since 2019, will step in as interim CEO. The company noted that Bender brings “three decades of leadership experience across retail and consumer goods companies, having served as CEO of Eyemart Express and in senior roles at Walmart, L Brands and PepsiCo.”

“The Board has full confidence in Michael to serve our customers and associates as Interim CEO and deliver on our commitments to our shareholders,” said John Schlifske, chair of the Nominating and ESG Committee.

Why it matters: Being fired for cause is a big deal when it comes to a company’s chief executive. It’s also incredibly rare. Given those facts, it was important that Kohl’s board acted quickly to get the news out, especially ahead of its upcoming earnings report.

Constant changes at the top are hard to rally behind. Both investors and employees need reassurance, and the one thing they all crave right now is stability.

Highlighting Bender’s history with the company sent a message to employees and customers that the company likely isn’t headed for big, reactive changes. The retailer also made a smart comms move by positioning him as a continuation of the “strong foundation” already in place.

“We look forward to continuing to work closely with Michael as Kohl’s remains focused on operational excellence, simplification, and efficiency to improve long-term financial health and profitability,” the board’s statement reads.

Kohl’s made sure to communicate that while change is happening, it’s being handled with intention. They’re not rushing the next step – they’ve already begun the search for a permanent CEO.

That sends a clear message to investors, who are likely looking for a stronger bottom line from Kohl’s.

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Casey Weldon is a reporter for PR Daily. Follow him on LinkedIn.