Kohl's has terminated CEO Ashley Buchanan for ethical breaches involving conflicts of interest less than four months into his tenure. An investigation revealed that Buchanan approved favorable contracts with a vendor linked to a personal relationship, contravening the company's ethics code. Following this decision, the board will withdraw his nomination for directorship and Bender has been appointed as interim CEO. Buchanan is required to forfeit equity awards and reimburse a part of his signing incentive due to these violations.
Kohl's board terminated CEO Ashley Buchanan for conflicts of interest after an investigation revealed he granted favorable deals to a vendor connected to a personal relationship.
The SEC filing outlines that Buchanan failed to disclose a personal relationship that led to unethical contract agreements, violating Kohl's code of ethics.
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