Kohl’s CEO, Ashley Buchanan, was fired on Thursday after the retailer discovered that he had entered business with some with some with whom he had a “personal relationship.”
Buchanan was fired after four months at work, had just begun in January. Previously it was the CEO of the craft store, Michaels.
After an investigation, the Kohl Board says that Buchanan led the company to accept a multi -million dollar consulting agreement with a person with whom the Wall Street Journal He informs that he was romantically invaded. In a presentation at the SEC, the company said it had “discovered that Buchanan had ordered that the company carry out businesses with a supplier founded by an individual with which Mr. has a personal relationship in very unusual terms favorable for the supplier.”
This “made the company enter a multimillionaire consultancy” with the individual, continue.
Related: The CEO of Hertz, suddenly takes a lower step after the pivot of the electric vehicle company
“An investigation by an external lawyer and on the Board Audit Committee determined that Mr. Buchanan violated the company’s policies by ordering the company that participates in transactions of suppliers that involved conflicts of interest.”
He WSJ Report appoint former Bed Bath & Beyond Ceo Chandra Holt, now the founder of Coffee Company Incredibrew, as the other person involved in the agreement.
Holt denied the statements to the WSJ.
“I know Ashley Buchanan for 10 years, but I have not received any compensation for my Kohls Incredibrew business,” The Outlet said.
Kohl’s has closed 27 low performance stores since January, by Axios. The company still has more than 1,120 stores.
Related: The former BP CEO loses $ 40 million in compensation due to “serious misconduct”
The Kohl Board called Michael Bender, the current director of the Board, as an interim CEO, immediately effective.
