Leading omnichannel retailer KOHL’S has terminated its newly appointed CEO, Ashley Buchanan, following an internal investigation that uncovered a significant conflict of interest.
The company announced on Thursday that CEO Ashley had been dismissed after five months of his joining. According to the investigation by outside counsel, he allegedly violated company policies by directing the company to engage in vendor transactions involving undisclosed conflicts of interest.
Now, KOHL’S has appointed Michael Bender, a board member, as interim CEO, and the company is searching for its permanent successor.
Michael Bender becomes the fourth individual to lead Kohl’s—either permanently or in an interim capacity—within the past three years. He brings more than three decades of experience in retail and consumer goods, having previously served as CEO of Eyemart Express and as Chief Operating Officer of Walmart’s global e-commerce division.
