Kohl’s announced that its CEO, Ashley Buchanan, had been terminated for cause after just four months in the role. The board claimed that Buchanan had violated company policies by directing business to a vendor with undisclosed conflicts of interest. The investigation found that Buchanan had directed Kohl’s to engage in “multimillion-dollar consulting agreements” with his girlfriend’s vitamin-infused coffee company, Incredibrew.
Buchanan and his girlfriend, Chandra Holt, were romantically involved when they worked at Walmart several years ago. However, it is unclear exactly how long they have been together or what the terms of their consulting agreement with Kohl’s entailed. Holt denies any wrongdoing, stating that she has not received compensation from Kohl’s for her Incredibrew business.
The scandal led to a shake-up in the company, as the board appointed Michael Bender as interim CEO. It remains to be seen how this incident will impact Kohl’s stock price and overall operations.
Source: https://www.thecut.com/article/who-is-fired-kohls-ceo-ashley-buchanan-scandal-explained.html