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Kohl's Corp. fired CEO Ashley Buchanan for cause, citing undisclosed conflicts of interest involving vendor transactions and a consulting agreement with an individual he had a personal relationship with. Buchanan must forfeit equity awards and reimburse Kohl's $2.5 million. Michael Bender, former Eyemart Express CEO, is the interim CEO. Kohl's released a downbeat first-quarter outlook, projecting declining sales and operating income. The unexpected firing adds to concerns about the struggling retailer's stability and leadership.

Prepared by Christopher Adams and reviewed by editorial team.