Fortune Asks Cowen Partners About Kohl’s CEO
Why Kohl’s CEO firing serves as a warning for C-suite executives
So what will become of Buchanan’s career? Fortune asked Shawn Cole, president and founding partner of executive search firm Cowen Partners, for his assessment, which could serve as a key warning for anyone in a C-suite role.
“His career is effectively over…This is a major embarrassment for Kohl’s, the board and shareholders,” he said. “This situation underscores the importance of backchannel references; even minimal due diligence could have revealed any prior issues.” — Shawn Cole
It’s also an embarrassment for the search firm that recommended Buchanan, Cole explained.
“I’m unclear if it is the same search firm continuing the new search, but this would certainly fall under the replacement guarantee.” — Cole
Kohl’s CFO, Jill Timm, has been with the company since 1999, becoming finance chief in 2019. Over the years, she has served in several finance roles, such as VP of financial planning and analysis and EVP of finance.
“Timm is clearly a highly qualified CFO and has done a commendable job maintaining the business despite declining sales.” — Cole
But as for choosing the next CEO, Kohl’s board will most likely select an external candidate to address a glaring issue—a deep disconnect with customers.
“Kohl’s doesn’t have a margin or efficiency problem—it has a revenue problem… What Kohl’s needs is a retail veteran with a background in marketing, operations, and turnarounds. The company needs a CEO who can rebuild trust through private label revitalization and frictionless shopping experiences.” — Cole
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