Kohl's has dismissed CEO Ashley Buchanan following an investigation that uncovered undisclosed conflicts of interest involving vendor transactions. Buchanan, who had held the CEO position since January 15, was found to have directed the retailer to engage with a vendor linked to a personal relationship of his, under unusual terms. This marks the retailer's third CEO change in three years as it faces ongoing challenges in sales performance. Michael Bender, the chairman, has been appointed as interim CEO while Kohl's searches for a permanent successor and plans to name a new board chair soon.
Kohl's terminated CEO Ashley Buchanan after an investigation revealed he directed vendor transactions involving undisclosed conflicts of interest, marking a critical governance failure.
The SEC filing indicated that Buchanan's actions were related to favorable vendor contracts and consulting agreements with individuals he had personal relationships with.
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