Kohl's Corporation announced the immediate termination of Chief Executive Officer Ashley Buchanan for cause, following an investigation overseen by the Audit Committee of the Board. The investigation determined that Buchanan violated company policies by directing vendor transactions involving undisclosed conflicts of interest.
Michael Bender, who has served as a Director of the Board since July 2019 and was appointed Board Chair in May 2024, has been named Interim Chief Executive Officer, effective immediately. Buchanan's termination is unrelated to the company's performance, financial reporting, or results of operations.
The Board will initiate a search to identify a permanent CEO, with a leading search firm assisting in the process. This unexpected leadership change introduces significant uncertainty for Kohl's as it navigates a challenging retail environment and its ongoing turnaround efforts.
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