Overview

• Ashley Buchanan, Kohl’s CEO for less than five months, was fired for cause following an investigation into undisclosed conflicts of interest involving vendor transactions.
• The inquiry found Buchanan directed Kohl’s to engage in business with a vendor founded by a personal contact, Chandra Holt, under highly favorable terms, without disclosing their relationship.
• Buchanan must forfeit all equity awards and reimburse the company $2.5 million of his signing bonus, as outlined in an SEC filing.
• Michael Bender, board chair since May 2024, has been named interim CEO while Kohl’s conducts a search for a permanent replacement.
• Kohl’s stock rose by as much as 8% following the announcement, as the company continues to face declining sales and operational challenges, including recent store closures.