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Kohl announced on Thursday After an investigation, it fired CEO Ashley Buchanan that he violated the company’s policies.
The retailer stated that his board abolished Buchanan, who became chief executive in January, after investigation “Mr. Buchanan violated the company’s policies, directing the company to engage in seller transactions, including unknown conflicts of interest.”
Investigation “Mr. Buchanan directed the company’s conduct business with a seller founded by a person, with which Mr. Buchanan has a personal relationship on highly unusual terms adapted to the seller and he also caused the company to enter a multi-military dollar counseling agreement, with a part of the same person counseling team,” retail said in a securities and exchange.
Cut 10% of Kohl’s corporate workforce to improve profitability
As part of efforts to promote its profitability, Kohl has closed some stores and trimmed his corporate workforce in recent months. (Michael Siluk/UCG/Universal Image Group/Getty Image)
Their end had nothing to do Company “Performance, financial reporting, consequences of operations,” and no other employees were involved, Kohl said.
Kohl has been slated to release its first quarter financial results in late May.
The company said on Thursday that it estimates 4% to 4.3% decline in comparable sales for the first quarter. According to the retailer, in the meantime, the thin loss per share is expected to be 20–24 cents.
As part of efforts to promote its profitability, the company has closed some stores and trimmed its corporate workforce in recent months.
Kohl said that the outside lawyer investigated Buchanan by the audit committee of the board, Kohl said.
Kuhal is closing 27 stores in 15 states. Where are they located here
| Langer | Security | Last | Change | Change % |
|---|---|---|---|---|
| KSS | Kohl Corp. | 7.50 | +0.29 |
+4.02% |
The company selected the board chairman Michael Bender to run the retailer On an interim basis As it begins its search for a new permanent CEO.
Kohl said that the bender will stop serving in some board committees and there will not be a board chair during the interim CEO, but will still keep its board seat. He is a member of the board since July 2019.
Kohl has been slated to release its first quarter financial results in late May. (Istock / istock)
Kohl said, “A new chair will be unveiled” Kohl said.
