Kohl’s sales declined 4% last quarter|Phillip Passar|CC BY 2.0
Kohl’s fired CEO Ashley Buchanan after discovering he pushed the company into a multimillion-dollar consulting deal involving his romantic partner, Chandra Holt.
The board said Buchanan violated the company’s code of ethics by failing to disclose the relationship.
The deal involved Boston Consulting Group, where Holt is an adviser. Buchanan will forfeit all Kohl’s equity awards and repay part of his $2.5 million signing bonus.
Holt previously led Conn’s HomePlus and Bed Bath & Beyond.
Chairman Michael Bender is now interim CEO. Kohl’s, facing its fourth CEO in three years, saw its sales decline 4% last quarter.