Kohl's Corporation saw a nearly 10% stock increase following the termination of CEO Ashley Buchanan due to breaches of the company's code of conduct. Michael Bender, the chairman, has stepped in as interim CEO, marking a significant shift amid the retailer's ongoing challenges, including declining sales and foot traffic. While Buchanan's exit was unrelated to financial performance, Kohl's forecasts a 4% drop in first-quarter sales. This shakeup reflects the retailer's struggle to adapt in a tough economic climate impacting consumer spending habits regarding in-store shopping.
Shares of Kohl's Corporation surged nearly 10% after the abrupt firing of CEO Ashley Buchanan, who had been with the company for just four months.
Buchanan was terminated for violating Kohl's code of conduct and undisclosed conflicts of interest, not due to company performance or financial issues.
Michael Bender has stepped in as interim CEO, marking the fourth leadership change in just three years for the struggling retailer.
Kohl's anticipates a 4% decline in sales for the first quarter, reflecting broader challenges in the retail sector due to changing consumer behavior.
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