By Mackenzie Tatananni
Kohl's said Thursday it had terminated CEO Ashley Buchanan for cause after an outside investigation determined Buchanan violated company policy by directing Kohl's to engage in vendor transactions with undisclosed conflicts of interest.
Chairman Michael Bender will assume the role of interim CEO, effective immediately, the company said.
Kohl's shares climbed 4.9% to $7.03. The stock has dropped 50% this year.
Barron's was working to obtain comment from Buchanan.
While shares rose sharply following the announcement, it was unclear if the excitement would last. The stock has tumbled over the past three years, and the department store's woes have intensified as of late.
Kohl's stock cratered in March after earnings sharply missed analysts' estimates and the company provided a weak full-year outlook.
At the time, Buchanan said management was working on a turnaround strategy that included efforts to enhance the retailer's in-store experience, value proposition, and products.
Write to Mackenzie Tatananni at mackenzie.tatananni@barrons.com
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(END) Dow Jones Newswires
May 01, 2025 09:50 ET (13:50 GMT)
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