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Kohl’s introduced on Thursday that it fired CEO Ashley Buchanan after an investigation discovered he violated firm insurance policies.
The retailer stated its board terminated Buchanan, who turned chief govt in January, after the investigation “determined Mr. Buchanan violated company policies by directing the Company to engage in vendor transactions that involved undisclosed conflicts of interest.”
The investigation “found Mr. Buchanan had directed the Company conduct business with a vendor founded by an individual with whom Mr. Buchanan has a personal relationship on highly unusual terms favorable to the vendor and that he also caused the Company to enter into a multi-million dollar consulting agreement wherein the same individual was a part of the consulting team,” the retailer stated in a Securities and Trade Fee (SEC) submitting.
KOHL’S CUTS 10% OF CORPORATE WORKFORCE TO IMPROVE PROFITABILITY
As a Kohl’s Rewards member, you earn 5% on each buy, daily (Michael Siluk/UCG/Common Photos Group / Getty Photos)
His termination didn’t have something to do with the corporate’s “performance, financial reporting, results of operations,” nor did it contain some other staff, Kohl’s stated.
Exterior counsel overseen by the board’s audit committee performed the probe, Kohl’s stated.
KOHL’S IS CLOSING 27 STORES IN 15 STATES. HERE’S WHERE THEY’RE LOCATED
Ticker Safety Final Change Change % KSS KOHL’S CORP. 7.18 +0.48
+7.16%
The corporate chosen board Chair Michael Bender to run the retailer on an interim foundation because it begins its seek for a brand new everlasting CEO.
Bender will cease serving on some board committees and never be board chair throughout his stint as interim CEO, however will nonetheless maintain his board seat, Kohl’s stated. He has been a board member since July 2019.
An activist investor is renewing a push to get department-store chain Kohl’s Inc. to take motion to spice up its lagging inventory. (iStock / iStock)
A brand new chair can be unveiled “in due course,” Kohl’s stated.
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