Kohl's CEO Removed Amid Conflict of Interest Concerns

Kohl's has terminated its CEO, Ashley Buchanan, after less than four months on the job. The decision comes following an investigation that found he had violated company policies by directing vendor transactions involving undisclosed conflicts of interest.

"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," Kohl's said in a statement.

Buchanan had been appointed CEO on January 15, following Tom Kingsbury's departure from the role. Despite his short tenure, Buchanan's dismissal was not related to the company's performance or financial reporting.

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Buchanan joined Kohl's after serving as CEO of Michaels from 2020 until 2024. Prior to that, he held senior executive roles at Walmart and Sam's Club for 13 years.

In the wake of Buchanan's dismissal, Kohl's board chair, Michael Bender, has been appointed interim CEO.

The news sent Kohl's stock surging by 7%, although it remains down 48% from the start of the year.