Kohl’s board of directors has fired the department store’s CEO, Ashley Buchanan, after less than four months on the job, for an alleged violation of its ethical code.
The company said in a statement that “Buchanan’s termination follows an investigation conducted by outside counsel and overseen by the audit committee of the board, during which it was found that Mr. Buchanan had directed that the company conduct business with a vendor founded by an individual with whom Mr. Buchanan has a personal relationship.”
This arrangement was on “highly unusual terms favorable to the vendor and…caused the company to enter into a multimillion-dollar consulting agreement wherein the same individual was a part of the consulting team.… In neither case did Mr. Buchanan disclose this relationship as required under company’s code of ethics.”
Board chair Michael J. Bender is serving as Kohl’s interim CEO—the retailer’s fourth CEO in three years. Bender, a board member since 2019, is the former CEO and president of Eyemart Express and has also held senior positions at Walmart and Victoria’s Secret.
Buchanan, the former head of Michaels craft stores, could not be reached for comment.
(Photo courtesy of Kohl’s)
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