Kohl’s CEO Ashley Buchanan was terminated after an investigation revealed he had directed the company into business transactions involving undisclosed conflicts of interest. The investigation, conducted by an external law firm, found Buchanan had a personal relationship with an individual from a consulting team that secured a multimillion-dollar deal with Kohl’s. As a result, Buchanan must forfeit all equity awards and bonuses received upon joining Kohl’s and repay a $2.5 million signing bonus on a pro-rated basis. Michael Bender, a board director, has been appointed as interim CEO. The issue arose due to Buchanan’s failure to disclose the relationship as required by company policy. Reports suggest the consulting firm in question was Boston Consulting Group, where Buchanan’s partner, Chandra Holt, worked as an adviser. Boston Consulting Group terminated Holt’s contract citing nondisclosure of the conflict.
— new from NBC News
