Kohl’s has fired CEO Ashley Buchanan as he violated company conflict-of-interest policies.

Buchanan’s termination comes months after his appointment in January, as the company hoped he would lead a turnaround. 

According to a Kohl’s press release, Buchanan was involved in “vendor transactions that involved undisclosed conflicts of interest.” Buchanan was terminated following an investigation by an outside organization and was found to be acting alone.

Buchanan was said to be in a personal relationship with someone who worked at the Boston Consulting Group. Kohl’s recently made a multi-million-dollar consulting agreement with the firm. 

Buchanan failed to disclose his personal relationship, violating the company’s code of ethics. 

 Buchanan was a member of the board and was nominated to continue as director. His nomination and place on the board have been removed.

Until the company can find a replacement, Board Chair Michael Bender has been appointed interim CEO, effective immediately. 

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