The American retailer Kohl’s Corporation announced on Thursday that the Board of Directors decided to dismiss CEO Ashley Buchanan. Previously, an investigation carried out by external legal advisors: had shown that Buchanan had violated company guidelines.
It was therefore found that Buchanan had instructed the company to carry out supplier transactions, which did not contain any conflicts of interest that the board of directors classified as a legitimate reason for dismissal. The separation from Buchanan is therefore in no connection with the business development of the group, financial reporting or operational results and does not affect other employees: inside the company.
In accordance with the conditions of his employment contract, Buchanan is no longer a member of the Board of Directors. The company also withdrew its nomination for re -election to the committee at the annual general meeting 2025. The Board of Directors will now initiate the search for a permanent CEO and commission a leading personnel consulting company with this process.
At the same time, the Board of Directors Michael Bender appointed interim CEO with immediate effect. Bender has been a member of the committee since July 2019 and was appointed chairman in May 2024.
From January 2018 to April 2022, Bender was President and CEO of the Eyemart Express optician chain, LLC after he had previously acted as a president from September 2017 to January 2018. Before his entry at Eyemart Express, Bender had dressed various management positions at Walmart Inc., most recently as Chief Operating Officer of Global E-Commerce. Before that, he worked in leading positions at Cardinal Health, Inc., L Brands, Inc. and Pepsico, Inc.
Bender will continue to belong to the Board of Directors, but will resign from certain committees of the committee in which he works, and to resign as well as the chair of the committee, while he acts as an interim CEO. One: n new: n Chairman of the Board of Directors: N wants to present the company in due course.
The group also announced preliminary financial forecasts for the first quarter of 2025. It therefore expects a loss of $ 0.20 to $ 0.24 per share for a decline in sales by 4.0 to 4.3 percent. (Dpa)
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