Kohl’s Corporation has terminated CEO Ashley Buchanan after only 100 days on the job. This move comes on the heels of an investigation that uncovered undisclosed conflicts of interest involving vendor transactions and consulting agreements.
The Wisconsin-based retail chain announced Thursday that Buchanan’s actions violated the company’s code of ethics, and he has been removed from both his executive role and the board of directors.
The company said the decision stemmed from a months-long probe by outside counsel and was overseen by the audit committee. Kohl’s emphasized that the firing was not related to company performance, financial reporting, or the actions of other employees.
Ashley Buchanan Had Personal Ties to Vendor
According to an SEC filing, Buchanan directed the company to enter a vendor agreement under “highly unusual terms” that disproportionately favored a vendor with whom he had a personal relationship. Additionally, he authorized a multi-million-dollar consulting contract involving the same individual, failing to disclose the relationship as required.
