Kohl’s boots CEO Ashley Buchanan for cause

Kohl’s announced on Thursday that it fired CEO Ashley Buchanan after an investigation found he violated company policies.

The retailer said its board terminated Buchanan after the investigation “determined Mr. Buchanan violated company policies by directing the Company to engage in vendor transactions that involved undisclosed conflicts of interest.” 

His termination did not have anything to do with the company’s “performance, financial reporting, results of operations,” nor did it involve any other employees, Kohl’s said.

The company selected board Chair Michael Bender to run the retailer on an interim basis as it begins its search for a new permanent CEO. 

This is a developing story. Please check back for updates.