Kohl’s announces termination of CEO Buchanan, names Bender interim CEO

Kohl’s (KSS) Corporation announced that the Kohl’s Board of Directors has appointed Michael Bender as Interim CEO, effective immediately. Bender has served as a Director of the Board since July 2019 and was appointed Board Chair in May 2024. Bender’s appointment follows the Board’s decision to terminate Ashley Buchanan for cause. An investigation conducted by outside counsel and overseen by the Audit Committee of the Board determined Buchanan violated company policies by directing the company to engage in vendor transactions that involved undisclosed conflicts of interest, which the Board determined to be cause. Buchanan’s termination is unrelated to the company’s performance, financial reporting, results of operations and did not involve any other company personnel. In accordance with the terms of this employment contract, Buchanan is no longer a member of the Board, and the company has withdrawn his nomination for election as a Director at the Company’s 2025 Annual Meeting of Shareholders. The Board will initiate a search to identify a permanent CEO and retain a leading search firm to assist with this process. “The Board has full confidence in Michael to serve our customers and associates as Interim CEO and deliver on our commitments to our shareholders,” Chair of the Nominating and ESG Committee John Schlifske stated.