Kohl’s has terminated CEO Ashley Buchanan following an investigation that revealed he violated company policies by directing the company to enter a multi-million dollar agreement with a vendor linked to a personal contact. According to a filing with the Securities and Exchange Commission, Buchanan allegedly facilitated a deal under favorable terms with a consulting team that included this individual. The Wall Street Journal reported that Buchanan had a romantic relationship with the woman involved, though Buchanan did not immediately respond to Investopedia’s request for comment. Following the news, Kohl’s stock increased by more than 8%. Despite this year’s share value dropping by roughly half, the board cited Buchanan’s behavior as grounds for removal, unrelated to the company’s financial performance. Michael Bender, the board chair, has been appointed interim CEO while a search firm is hired to find a permanent replacement. Kohl’s aims to enhance customer value and operational progress under Bender’s leadership.
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