Key Takeaways
Kohl's fired CEO Ashley Buchanan "for cause" after an investigation found he allegedly violated company policies, the company said Thursday.
Outside counsel conducted an investigation that determined Buchanan allegedly directed Kohl's ( KSS ) "to engage in vendor transactions that involved undisclosed conflicts of interest," the company said. The board viewed the findings as cause for removal, the company said, adding that the the termination was "unrelated to the company's performance, financial reporting, [and] results of operations."
Investopedia could not immediately reach Buchanan for comment.
Kohl's has appointed board chair Michael Bender interim CEO and will hire a "leading search firm" to help identify a permanent leader, the company said. Bender will remain on the board, but no longer hold the chair role.
The stock was recently up more than 5%. The shares have lost roughly half their value this year.
“Kohl’s has a strong foundation of more than 1,100 conveniently located stores nationwide, serving over 60 million customers," Bender said in a press release. "We will continue to build on this foundation as we enhance the value we deliver to our customers and set the stage for meaningful operational and financial progress.”
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