Kohl's fires CEO Ashley Buchanan for cause; interim CEO named
Kohl's Corporate Headquarters, Menomonee Falls
MENOMONEE FALLS, Wis. - Kohl’s Corporation announced on Thursday, May 1 that the company’s Board of Directors has appointed Michael Bender as Interim Chief Executive Officer (CEO), effective immediately.
Interim CEO named
What we know:
Bender’s appointment follows the Board’s decision to terminate Ashley Buchanan for cause.
An investigation conducted by outside counsel and overseen by the Audit Committee of the Board determined 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.
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A news release says Buchanan's termination is unrelated to the company's performance, financial reporting, results of operations and did not involve any other company personnel.
The Board will initiate a search to identify a permanent CEO and retain a leading search firm to assist with this process.
The Source: The information in this post was provided by Business Wire.