• Kohl's CEO Ashley Buchanan terminated for undisclosed conflicts of interest.
• Michael Bender appointed interim CEO following the dismissal.
• Buchanan allegedly directed favorable vendor transactions without disclosure.
• Termination decision based on external investigation findings.
• Buchanan must forfeit equity awards and repay a signing bonus portion.

Kohl's Corporation has fired CEO Ashley Buchanan following an extensive investigation that revealed he violated the company's conflict-of-interest policies by directing the retailer to engage in transactions with a vendor linked to a personal associate. This decision led the company's board to appoint Michael Bender as interim CEO. Buchanan's termination comes less than four months after his appointment, amid ongoing concerns regarding the company's performance and operational challenges, according to CBS News and IndiaTimes.

The external investigation, conducted by the board's audit committee, found Buchanan had directed Kohl's to engage in favorable business transactions with a vendor connected to him, which breached the company's ethics code. Furthermore, he failed to disclose these relationships and also facilitated a multimillion-dollar consulting agreement involving the same vendor. As a consequence of his actions, Buchanan is obligated to forfeit all equity awards and repay $2.5 million, as noted in the SEC filing detailed by Business Insider and IndiaTimes.

Despite these leadership changes, Kohl's continues to face substantial challenges, including stiff competition from other retailers and a decline in consumer spending attributed to inflation. However, preliminary first-quarter results exceeded expectations, indicating the potential for recovery despite the leadership transition, according to CBS News and Business Insider.