Kohl’s is trying to turn things around and hired a new CEO, but then fired him four months later for cause.
His name is Ashley Buchanan, and according to Fox News, he was terminated because he entered Kohl’s into a multimillion-dollar consulting agreement with an ex-lover of his, Chandra Holt, and didn’t disclose their past relationship to Kohl’s before doing so.
Buchanan was hired to lead the department store chain and revive its brand just a few months ago, but as soon as he took the helm, he made the giant questionable transaction, which proved to be the demise of him at Kohl’s.
An internal investigation within Kohl’s uncovered the past romantic spat the two had and immediately accused Buchanan of funneling the business to Holt due to the fact that they were intimate.
Basically, Buchanan had just gotten settled in his new big boy job, and right away started finding ways to return some favors to past friends with benefits.
Holt and Buchanan met when they rose through the ranks together at Walmart before leaving around the same time for other positions.
Buchanan had left in early 2020 to become CEO of Michaels, and Holt left in 2021 to become CEO of Conn’s HomePlus.
After firing Buchanan, Kohl’s wasted no time plugging in board member Michael Bender as interim CEO. Bender has served as a director since July 2019, so he certainly knows the ropes and will possibly grow the interim position into a permanent one.
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