One of America's largest department store chains has fired its CEO for cause after less than four months in the job. Kohl's says an investigation determined that Ashley Buchanan "violated company policies by directing the Company to engage in vendor transactions that involved undisclosed conflicts of interest," per a release. In a securities filing, the company said Buchanan directed the company to do business with a vendor founded by somebody he had ties to, under "highly unusual" terms benefiting the vendor, the Wall Street Journal reports. Kohl's said Buchanan was also behind a multimillion-dollar consulting agreement involving the same person.
Being fired for cause is a "rare rebuke of a business leader that carries serious weight in the business community," notes CNN. Buchanan was appointed in November and took charge of the company on Jan. 15. In a news release, Kohl's said the "termination is unrelated to the company's performance, financial reporting, [or] results of operations and did not involve any other company personnel." CNN notes that Buchanan failed to turn the struggling company around during his brief time in charge, with first-quarter sales falling up to 4.3%.
Buchanan, former CEO of arts and crafts chain Michaels, had a total compensation package of more than $20 million, including stock options, the Milwaukee Journal Sentinel reports. He'll have to give up his stock options and repay a prorated part of his $2.5 million signing bonus, per the Wall Street Journal. Michael Bender, the chair of Kohl's board, has been named as interim CEO while the company seeks a permanent replacement. (More Kohl's stories.)
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