Kohl’s fired its new CEO, Ashley Buchanan, after five months in the position, WKOW reports. The company cited unethical behavior by Buchanan behind its decision.
His dismissal “for cause” follows an investigation from an outside counsel, which found that he “violated company policies by directing the company to engage in vendor transactions that involved undisclosed conflicts of interests,” the company said, adding that his termination is “unrelated to the company’s performance, financial reporting, results of operations and did not involve any other company personnel.”
Buchanan, previously a chief executive for the Michaels arts and crafts chain, began his role at Kohl’s in mid-January, tasked with turning around the struggling retailer. He failed to do so, with sales dropping up to 4.3%, according to the company’s preliminary earnings report.
Michael Bender, who chairs Kohl’s board, will become interim CEO while the company seeks Buchanan’s permanent replacement.
