Kohls CEO fired over the secret lover's scandal, funnel Millions

The Kohls Corporation ended CEO Ashley Buchanan after an internal investigation showed that he was in a millions The Wall Street Journal.

Buchanan, who was only in the role for four months, allegedly relieved a seller with Incredibrew, one of Chandra Holt, a former Walmart colleague-founded coffee brand Wellness, and reported ex-partner.

According to reports, the seller agreement contained “highly unusual” and cheap terms.

Holt, who confirmed a long -term personal and professional relationship with Buchanan, contested any inappropriateness.

“I have known Ashley Buchanan for 10 years, but I have not received compensation for my incredible business from Kohl,” she said in a statement.

Kohl's board quickly appointed the director Michael Bender as Interim CEO.

Bender has been a member of the board since 2019 and was appointed chairman at the beginning of this year.

In a company -wide session, Bender said that the decision was necessary to maintain the integrity of Kohl.

Buchanan's termination was “from the matter”, and he will extend all equity prices and repay a proportionate part of its 2.5 million dollar -signing bonus.

The incident contributes to Kohl's persistent management instability and financial burden.

The company closes 27 shops and has reduced 400 jobs in the middle of a forecast decline in sales of over 4%by 400 jobs.

Holt, an experienced manager with earlier leadership roles at Target, Walgreens and Beyond Inc., was not officially accused of misconduct, but now at the center of a controversy of the corporate government controversy, which probably affects their career.