Michael Bender, chairman of the Kohl’s board, will serve as interim CEO while the company searches for a permanent replacement.
In a dramatic shake-up, American retail giant Kohl’s has fired CEO Ashley Buchanan just under five months into his tenure, citing “cause” related to policy violations. An external investigation revealed Buchanan directed the company to engage in vendor transactions involving undisclosed conflicts of interest. Kohl’s emphasized the termination was unrelated to company performance, financial reporting, or internal operations. Buchanan, previously CEO of Michaels, assumed the role on January 15 to revitalize the struggling brand. However, preliminary earnings showed sales fell by up to 4.3% under his leadership. His swift ouster raises questions about corporate governance and leadership accountability at the retail chain.
