Kohl’s has announced that it is entering a “CEO transition process” following the dismissal of its recent CEO hire, Ashley Buchanan. Buchanan, who served for under five months, was dismissed after it was discovered that he exhibited unethical behavior.
In a statement, Kohl’s said the transition follows “the Board’s decision to terminate Ashley Buchanan for cause.”
The statement read: “An investigation conducted by outside counsel and overseen by the Audit Committee of the Board determined Mr. Buchanan violated company policies by directing the Company to engage in vendor transactions that involved undisclosed conflicts of interest, which the Board determined to be cause. Mr. Buchanan’s termination is unrelated to the Company’s performance, financial reporting, results of operations and did not involve any other Company personnel.”
The company has appointed Michael Bender, current Board Chair, as Interim CEO, effective immediately.
Chair of the Nominating and ESG Committee John Schlifske told investors, “Michael brings over three decades of leadership experience across retail and consumer goods companies, having served as CEO of Eyemart Express and in senior roles at Walmart, L Brands and PepsiCo. We look forward to continuing to work closely with Michael as Kohl’s remains focused on operational excellence, simplification, and efficiency to improve long-term financial health and profitability.”
Moving forward Mr. Bender stated, “I am committed to continuing the execution of our strategic framework to grow shareholder value. Kohl’s has a strong foundation of more than 1,100 conveniently located stores nationwide, serving over 60 million customers. We will continue to build on this foundation as we enhance the value we deliver to our customers and set the stage for meaningful operational and financial progress.”
By CEO NA Editorial Staff
