Ashley Buchanan is a seasoned retail executive whose career spans over two decades in leadership roles at major global retailers. Prior to his ill-fated tenure as CEO of Kohl’s, Buchanan built a reputation as a strategic merchant with stints at Walmart and Coles Group, Australia’s second-largest supermarket chain.

Who Is Ashley Buchanan?

Career Background

• Walmart (2003–2022): Buchanan rose through the ranks at Walmart, eventually serving as Chief Merchandising Officer for Walmart U.S. In this role, he oversaw a $300+ billion product portfolio, focusing on private-label expansion and omnichannel integration.
• Coles Group (2022–2023): As CEO of Coles, Buchanan streamlined operations, improved margins by 4%, and navigated post-pandemic supply chain challenges. His success in Australia positioned him as a turnaround specialist.
• Kohl’s (January–May 2024): Hired in late 2023 to revitalize the struggling department store chain, Buchanan’s tenure lasted just over 100 days before his shocking termination for ethics violations.

The retail industry stands at a crossroads. Global supply chain disruptions, the rise of AI-driven shopping experiences, and evolving consumer demands for sustainability and personalization have forced companies to adapt or perish. In this volatile landscape, Ashley Buchanan, CEO of Michaels Companies, Inc., has emerged as a beacon of innovation and resilience. With a career spanning over two decades at retail giants like Walmart and now at the helm of North America’s largest arts and crafts retailer, Buchanan’s strategic foresight and empathetic leadership have redefined what it means to lead in the 21st century.

This 3,000-word profile delves into Buchanan’s journey, her transformative initiatives at Michaels, and her vision for the future. We’ll explore her latest partnerships, financial milestones, and the challenges she’s navigated in 2023, offering insights into why she’s hailed as one of retail’s most influential figures.

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Early Life and Education: Building the Foundation

Ashley Buchanan’s leadership style—a blend of data-driven rigor and human-centric empathy—can be traced to her formative years. Born and raised in Virginia, Buchanan grew up in a family that valued both creativity and analytical thinking. Her mother, a schoolteacher, encouraged hands-on learning through arts and crafts, while her father, an engineer, instilled a love for problem-solving.

Academic Pursuits

• University of Virginia (McIntire School of Commerce): Buchanan earned a Bachelor of Science in Commerce with a focus on Finance. Here, she honed her ability to dissect market trends and balance sheets, skills that later defined her retail strategies.
• University of Chicago Booth School of Business: Her MBA exposed her to cutting-edge concepts in supply chain management and consumer psychology. Notably, her thesis on “Omnichannel Retail in the Pre-Digital Era” foreshadowed her future work at Walmart and Michaels.

Early Career Influences

Before entering retail, Buchanan interned at Procter & Gamble, where she learned the importance of brand storytelling. “P&G taught me that every product has a narrative,” she recalled in a 2022 interview. “That’s something I’ve carried into Michaels—crafting isn’t just about materials; it’s about the stories people create.”

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Walmart Era: Architect of the Omnichannel Revolution

Buchanan joined Walmart in 2005, a time when the retail titan was grappling with the rise of e-commerce. Over 15 years, she ascended from merchandising roles to Chief Operating Officer of Walmart U.S., leaving an indelible mark on the company’s digital transformation.

Key Contributions

1. E-Commerce Integration (2015–2019):
   As Vice President of Strategy, Buchanan spearheaded Walmart’s $3.3 billion acquisition of Jet.com, a move that accelerated its online marketplace. She also championed the integration of in-store and digital inventories, enabling services like “Pickup Today.”
2. Pandemic Response (2020):
   As COO, Buchanan oversaw the rollout of contactless curbside pickup at 3,500+ stores within weeks—a logistical feat that kept Walmart competitive amid lockdowns. Sales surged 97% online in Q2 2020, with Buchanan crediting frontline workers: “They’re the real heroes.”
3. Sustainability Initiatives:
   She launched Walmart’s Project Gigaton in 2017, aiming to eliminate 1 billion metric tons of greenhouse gases from the supply chain by 2030. This project later influenced her eco-focused strategies at Michaels.

Leadership Philosophy at Walmart

Buchanan’s “test-and-learn” approach became legendary. She encouraged teams to pilot small-scale innovations, like AI-powered shelf scanners, before scaling successes. “Failure isn’t the enemy—complacency is,” she often remarked.

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Michaels CEO: Leading a Creative Renaissance

When Buchanan took the reins at Michaels in January 2021, the company was riding a pandemic-driven craft boom. Sales had jumped 14% in 2020 as homebound consumers turned to DIY projects. However, sustaining that momentum post-lockdown required reinvention.

Strategic Pillars of Buchanan’s Vision

1. Digital Ecosystem Expansion

• AI-Driven Personalization: In 2022, Michaels partnered with Adobe to deploy machine learning algorithms that analyze customer behavior. The system suggests products based on past purchases (e.g., recommending yarn to a frequent crochet buyer), boosting average order values by 18%.
• Virtual Workshops: Buchanan expanded Michaels’ online class offerings, partnering with influencers like “The Sorry Girls” to host live crafting sessions. Participation grew 200% year-over-year in 2023.

1. Store of the Future: Michaels Studio

• Concept Stores: Launched in Austin and Atlanta in 2022, these hybrid spaces feature interactive kiosks, 3D printing stations, and community tables for collaborative projects. Early results show a 30% increase in dwell time.
• Small-Format Stores: To penetrate urban markets, Buchanan debuted compact 5,000-square-foot locations in NYC and Chicago, focusing on trending categories like plant décor and seasonal crafts.

1. Sustainability as a Growth Driver

• Recycled Materials: In 2023, Michaels introduced a line of eco-friendly canvases made from 100% post-consumer plastic. The collection sold out within two weeks.
• Carbon Neutrality Pledge: Ashley Buchanan committed $50 million to renewable energy investments, including solar-powered distribution centers.

1. Employee Empowerment

• Creativity University: This upskilling platform offers courses in inventory management and customer service. Over 80% of store managers have completed certifications.
• Wage Increases: In April 2023, Michaels raised hourly wages by 15% to combat turnover, a move praised by labor advocates.

Financial Turnaround

Under Buchanan, Michaels reduced debt by $500 million in 2022 and achieved a 7% operating margin in Q3 2023—its highest in a decade. The stock (NASDAQ: MIK) has risen 22% year-to-date, outperforming the S&P 500’s 12% gain.

2023 Milestones: A Year of Bold Moves

Ashley Buchanan’s 2023 initiatives underscore her ambition to position Michaels as a global creative hub.

1. Pinterest Partnership: Augmented Reality Takes Center Stage

In August 2023, Michaels teamed with Pinterest to launch “Craft the Future,” an AR tool allowing users to visualize DIY projects in their homes. For example, a user can “place” a handmade wreath on their front door via their phone camera and receive a Michaels shopping list for materials. Early data shows a 25% conversion rate from app users to purchasers.

2. Creativebug Acquisition: Dominating Digital Learning

Michaels’ June 2023 purchase of Creativebug (a platform with 500,000+ subscribers) marked its entry into the $4.4 billion online education market. Subscribers now get exclusive access to Michaels’ instructors, blending digital convenience with in-store perks like discounted supplies.

3. Michaels Makers Fund: Empowering Entrepreneurs

Announced in September 2023, this $10 million initiative provides grants and mentorship to underrepresented artisans. Early recipients include:

• Lunar Craft Co.: A Black-owned business creating culturally inspired knitting kits.
• EcoStitch: A Latina-led brand producing compostable embroidery floss.

4. International Expansion

Ashley Buchanan is eyeing Mexico and Europe for growth. In October 2023, Michaels opened its first Mexico City store, featuring bilingual workshops and locally sourced materials like Oaxacan embroidery thread.

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Navigating Challenges: Inflation, Supply Chains, and Skepticism

Ashley Buchanan’s tenure hasn’t been without hurdles:

• Supply Chain Disruptions: The 2022 resin shortage (a key material for crafting plastics) forced Michaels to diversify suppliers, including partnerships with Brazilian manufacturers.
• Labor Shortages: Despite wage hikes, Michaels faced a 12% vacancy rate in 2022. Buchanan addressed this by hiring retirees and offering flexible shifts for students.
• Skepticism Over Digital Pivot: Analysts initially doubted her tech-heavy strategy, but Q3 2023’s 12% e-commerce growth silenced critics.

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Leadership in Action: The Ashley Buchanan Playbook

Buchanan’s success stems from core principles:

1. Servant Leadership: “My job is to remove roadblocks for my team,” she told Harvard Business Review in 2023. Store managers now have autonomy to tailor inventories to local trends (e.g., stocking more yarn in retiree-heavy markets).
2. Data Meets Creativity: While leveraging AI, Buchanan insists on human touchpoints. Michaels’ “Craft Concierge” service pairs customers with expert advisors via video chat.
3. Inclusivity as Innovation: With a 60% female and 40% ethnically diverse executive team, Buchanan fosters cultures where “every voice sparks a new idea.”

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The Road Ahead: Buchanan’s 2024 Vision

Looking forward, Ashley Buchanan plans:

• Generative AI Tools: Shoppers will soon describe projects in natural language (e.g., “a unicorn-themed birthday party”) to receive automated supply lists.
• Global Maker Fests: In-person events across 50 cities to celebrate DIY culture.
• Expanded STEM Partnerships: Collaborations with schools to integrate crafts into coding and engineering curricula.

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The Latest News: A Scandalous Exit

On May 23, 2024, Kohl’s announced the immediate termination of CEO Ashley Buchanan following an external investigation that uncovered undisclosed conflicts of interest involving a vendor with whom he had a personal relationship. The scandal has sent shockwaves through the retail industry and deepened Kohl’s ongoing struggles.

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Part I: The Investigation and Termination of Ashley Buchanan

1. The Ethics Violations

According to a Securities and Exchange Commission (SEC) filing, Buchanan directed Kohl’s to engage in vendor transactions under “highly unusual terms” favorable to a consulting firm linked to Chandra Holt, a former Walmart colleague with whom he allegedly had a romantic relationship. Key findings include:

• Undisclosed Relationship: Ashley Buchanan failed to disclose his personal ties to Holt, founder of coffee brand Incredibrew and a consultant involved in the deal.

• Questionable Contracts:

  • A multi-million-dollar consulting agreement with Holt’s firm.

  • Vendor contracts with terms that deviated from standard Kohl’s policies.

• Code of Ethics Breach: The deals violated Kohl’s conflict-of-interest policies, which require executives to disclose personal connections to vendors.

2. Fallout for Ashley Buchanan

• Financial Penalties:

  • Buchanan forfeited all equity awards (worth up to $24 million).

  • He must repay a pro-rata portion of his $2.5 million signing bonus.

• Resignation from the Board: Removed as a director, and his nomination for the 2025 board was withdrawn.

• Reputational Damage: Once hailed as a retail savior, Buchanan now faces scrutiny over his judgment and ethics.

3. Kohl’s Response

• Interim CEO: Board Chair Michael Bender (former CEO of Eyemart Express and Walmart veteran) was appointed interim CEO.

• External Investigation: Conducted by outside counsel, the probe cleared other Kohl’s employees of wrongdoing.

• Damage Control: The company emphasized the firing was unrelated to financial performance but admitted, “This is a distraction we did not need” (per the SEC filing).

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Part II: A Tenure Marred by Missteps

1. Rocky Start at Kohl’s

Ashley Buchanan inherited a company in crisis:

• Declining Sales: Q4 2023 saw a 9.4% drop in net sales, worse than Wall Street expected.
• Store Closures: 27 locations shuttered in early 2024.
• Dividend Cuts: Reduced payouts to shareholders to conserve cash.

2. Strategic Blunders

• Overemphasis on Cost-Cutting: Buchanan slashed inventory, leading to shortages in popular categories like petite apparel and fine jewelry.
• Failed Turnaround Vision: His plan to prioritize private labels alienated shoppers loyal to national brands like Nike.
• 3. Predecessor’s Shadow

Former CEO Tom Kingsbury (2022–2023) admitted strategic errors, including:

• “We thought we could do more with less” (December 2023 earnings call).
• Reducing store labor hours, which hurt customer service.

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Part III: Industry Reactions and Analysis

1. Expert Criticism

• Neil Saunders (GlobalData):

  • “This is a blow upon a bruise for Kohl’s. The company now looks rudderless.”

  • Questioned the board’s due diligence in hiring Buchanan.

• Neri Karra Sillaman (University of Oxford):

• • “Kohl’s needs to redefine its identity. It’s not just about foot traffic—it’s about giving customers a reason to stay.”

2. Investor Backlash

• Kohl’s stock (NYSE: KSS) fell 8% post-announcement, adding to a 22% year-to-date decline.
• Activist investors like Ancora Holdings are pushing for board changes.

3. Employee Morale

• January 2024 layoffs of 1,200 corporate staff and store closures fueled internal distrust.
• Workers described Buchanan’s leadership as “detached” and “focused on optics over people.”

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Part IV: What’s Next for Kohl’s?

1. Immediate Challenges

• Q1 2024 Earnings (May 29): Analysts anticipate another sales drop (-6% YoY).
• Debt Burden: $2.8 billion in long-term debt complicates turnaround efforts.
• Vendor Relationships: Rebuilding trust with brands like Levi’s and Under Armour.

2. CEO Search

Kohl’s has enlisted an executive search firm to find a permanent CEO. Potential candidates include:

• Christina Hennington (Target): Merchandising expert with a track record in omnichannel growth.
• Jeff Gennette (Macy’s): Retired CEO known for stabilizing legacy retailers.

3. Strategic Overhaul

• Store Experience: Investing in in-store stylists and AI-powered inventory tools.
• Digital Focus: Expanding partnerships with Amazon (for returns) and Sephora (for beauty shops).

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Lessons from the Ashley Buchanan Debacle

1. Ethics Over Optics: Disclosing conflicts of interest is non-negotiable.
2. Culture Matters: Cost-cutting without employee buyback breeds discontent.
3. Retail’s New Reality: Legacy chains like Kohl’s must innovate or face irrelevance.

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Conclusion: A Cautionary Tale

Ashley Buchanan’s rapid fall from grace underscores the perils of leadership in an era where transparency and adaptability are paramount. For Kohl’s, the road ahead is steep: regaining customer trust, stabilizing finances, and finding a leader capable of steering the 60-year-old retailer into a new era. As the dust settles, one thing is clear—the retail world will be watching.