Let’s be honest—none of us is immune to the appeal of a little CEO drama (see: the viral Coldplay-Astronomer scandal this year), and retail C-suites were particularly full of it this year. From Succession-level family feuds to company conduct violations, here are the most intriguing plotlines we followed as we tracked retail executive moves this year.
Kohl’s
Just a few months into his tenure, Kohl’s terminated CEO Ashley Buchanan after he directed the retailer to pursue a “highly unusual” business deal with a company founded by former Bed Bath & Beyond CEO Chandra Holt, with whom he was in a romantic relationship. He also directed the company to enter into a multimillion-dollar consulting partnership with her, the company said. Buchanan didn’t disclose the relationship in either case, a violation of Kohl’s ethics code. Chairman Michael Bender was initially named interim CEO before being tapped as permanent CEO in November.
Kroger
Fresh off a tumultuous 2024, Kroger kept the dramatic vibes going this year. The grocery industry was shocked in March when Kroger CEO Rodney McMullen suddenly resigned from his role after 11 years as CEO and 47 years with the grocer. The company said it was “made aware of certain personal conduct” by McMullen on February 21, and conducted an investigation that found his actions violated its business ethics policy. The company clarified the conduct didn’t involve other Kroger employees and wasn’t related to its financial performance or operations.
While Albertsons claimed the reason for his resignation was relevant to its lawsuit against Kroger, a Delaware judge ruled in September Kroger didn’t need to disclose the details.
Market Basket
Family tensions at New England family-owned grocery chain Market Basket in September felt like IRL Succession when its CEO Arthur T. Demoulas was unanimously terminated by the board, controlled by his three sisters. Court filings called him a “dictator” who “unilaterally” decided his children would succeed him, though Demoulas said his ousting was “a farcical cover-up for a coup.” Many Market Basket shoppers feared the firing of beloved “Artie T” would result in higher prices and employee turnover. Hearings in the trial over the leadership dispute began this week.
Lululemon
In October, Lululemon founder Chip Wilson took out an ad in the Wall Street Journal criticizing the performance of CEO Calvin McDonald and the retailer’s board. Then, in December, Lululemon announced McDonald would step down after leading the company since 2018. Company statements about McDonald’s departure praised his performance, including tripling annual revenues. But Wilson didn’t feel the same; he released a statement the following day saying McDonald oversaw “massive value destruction over the past two years” and praise from the board “shows blatant disregard for its shareholders.”
Nestlé
Nestlé CEO Laurent Freixe was ousted after just a year in the role as the food giant found he had an undisclosed romantic relationship with a marketing exec who reported to him. The investigation was prompted by a tip from an anonymous hotline, and it took several hotline tips and two investigations before he was dismissed, the Wall Street Journal reported. Nespresso CEO Philipp Navratil was picked to replace him.
This report was originally published by Retail Brew.
