Ashley Buchanan was released as Kohls CEO in the conflict scandal by provider

The Kohls Corporation immediately released CEO Ashley Buchanan after an internal investigation showed that he has instructed the company to pursue selling shops that are bound to unknown conflicts of interest.

The investigation, carried out by external lawyers and monitored by the Board of Directors' examination board, showed that Buchanan had personal relationships with a provider who secured a multimillion dollar consulting contract with Kohls under unusually favorable conditions.

As a result of the investigation, Buchanan will extend all equity prices and repay a prized part of its 2.5 million dollar -signing bonus. The board also removed him from his role of the director and withdrawn his nomination for re -election on the impending shareholders of the shareholders.

The board appointed Michael Bender an interim CEO. As a director since 2019 and CEO since May 2024, he has been bringing management experience in retail and consumer goods over 30 years, including roles at Walmart, L Brands and Pepsico.

Despite the merger of the leadership, Kohls reported preliminary results in the first quarter that exceeded the expectations of the analysts. The company expects a comparable sales by 4% to 4.3% and a loss per share between 20 and 24 cents and a decline of 6.34% and a loss of 52 cents. The stocks rose by almost 6%on Thursday after the announcement.

Kohl's plans to initiate a search for a constant CEO with the support of a leading search company for managers. The company is to report the complete result of the first quarter on May 29.

Fashionnetwork.com with reuters