Overview

• Ashley Buchanan was terminated for directing vendor transactions involving undisclosed conflicts of interest, violating Kohl’s ethics policies.
• An investigation, led by outside counsel and overseen by the board’s audit committee, found Buchanan made deals favoring a vendor with personal ties to him.
• Buchanan will forfeit equity awards and reimburse a pro-rated portion of his $2.5 million signing bonus, per SEC filings.
• Kohl’s shares rose by up to 9% following the announcement, reflecting investor confidence in the company’s swift response.
• Michael Bender, a board member since 2019, will serve as interim CEO while a search firm is retained to find a permanent leader.