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Kohl's fired its CEO, Ashley Buchanan, after just four months due to undisclosed conflicts of interest involving vendor transactions. An investigation by an outside law firm revealed Buchanan directed Kohl's to engage with vendors he had personal ties to, resulting in a multimillion-dollar consulting agreement with unusually favorable terms. Buchanan will forfeit equity awards and reimburse a signing bonus. Board member Michael Bender is the interim CEO. Kohl's stock rose following the announcement, despite reporting a decline in comparable sales.

Prepared by Christopher Adams and reviewed by editorial team.