Overview

• Ashley Buchanan, Kohl’s CEO since January, was terminated for directing vendor transactions that violated the company’s code of ethics.
• An investigation revealed Buchanan arranged deals with a vendor tied to a personal relationship, including a multimillion-dollar consulting agreement with favorable terms for the vendor.
• Buchanan will forfeit $15 million in equity awards and reimburse $2.5 million of his signing bonus following his dismissal.
• Michael Bender, Kohl’s board chair, has been named interim CEO as the company begins its search for a permanent leader.
• Kohl’s emphasized that Buchanan’s termination does not impact its financial reporting or involve other employees, as the retailer continues navigating declining sales and leadership instability.