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Kohl's (KSS) announces the termination of CEO Ashley Buchanan after an investigation determined he violated company policies related to undisclosed conflicts of interest with vendor transactions. Michael Bender has stepped up as interim CEO until the retailer finds a permanent replacement.
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Some breaking news crossing the wire. Retailer Kohls out announcing the termination of its CEO Ashley Buchanan. Shares were briefly halted for volatility this morning amid the announcement. The company saying the CEO violated company policies amid an investigation that was conducted by an outside counsel. The board will now initiate a search to identify a permanent CEO. Michael Bender will take over as the interim CEO during the search. He has served as a director of Kohl's since July of 2019 and was appointed to board chair in May of 2024. Mr. Bender has more than three decades of senior leadership experience at prominent retailers including Walmart, Victoria's Secret, and also Imart Express.
The company also out with some preliminary numbers for the first quarter. Preliminary comp sales down 4 to 4.3%. That is better than the negative 6.3% that was expected. Meanwhile, first quarter loss per share is expected to be 20 to 24 cents. That's also better than the loss of 48 cents per share that was anticipated.
