Kohl's has fired CEO Ashley Buchanan after an investigation uncovered that he directed vendor transactions tied to undisclosed conflicts of interest. The termination comes less than four months into Buchanan's tenure, during which he became the third CEO in three years as Kohl's grapples with declining sales. Chairman Michael Bender has been named interim CEO while a search for a permanent successor is initiated. The board's findings indicated significant ethical violations, yet Buchanan's dismissal was reportedly not connected to the company's overall performance. He will forfeit all equity awards as part of his termination agreement.
Kohl's terminated CEO Ashley Buchanan after an investigation revealed his undisclosed conflicts of interest in vendor transactions, marking instability in leadership amid sales struggles.
With only four months into his tenure, Buchanan's firing is not linked to Kohl's performance but stems from serious ethical breaches involving undisclosed relationships with vendors.
The investigation, overseen by the board's audit committee, found that Buchanan directed the retailer to engage in highly unusual vendor agreements without proper disclosure.
Bender was named interim CEO as Kohl's seeks a new permanent leader, emphasizing corporate governance issues under Buchanan's short-lived leadership.
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