- The Kohl board of directors said they had dismissed CEO Ashley Buchanan for “conflicts of interest”.
- Buchanan became CEO in January.
- Michael J. Bender was appointed interim CEO.
Kohl dismissed his new CEO, Ashley Buchanan, less than four months after appointing him for the role.
The department store said on Thursday that its board of directors dismissed Buchanan after a foreign council investigation concluded that Buchanan had concluded agreements favorable to someone close to him.
A deposit of the SEC submitted Wednesday said that Buchanan had ordered Kohl to “lead business with a seller founded by a person with whom Mr. Buchanan has a personal relationship with very unusual conditions favorable to the seller and that he also involved part of the consulting team.”
Buchanan did not disclose the personal relationship in both cases, which violates the company’s code of ethics, according to the dryer’s file.
“Following the termination of Mr. Buchanan, the board of directors determined to withdraw its appointment for election as the company’s administrator at the annual meeting of the company shareholders,” said the company.
Buchanan must also lose all the equity prices he received from the company and reimburse $ 2,500,000, part of his signature incentive.
The board of directors will launch a search to find a permanent replacement of Buchanan. He named the acting CEO of Michael J. Bender Kohl.
businessinsider
