Kohl's has terminated CEO Ashley Buchanan following an internal investigation that revealed he engaged in vendor transactions involving undisclosed conflicts of interest. Buchanan, who served for just over four months, is required to forfeit equity awards and repay a signing bonus. The company reassured stakeholders that this dismissal was unrelated to its financial performance. Michael Bender, the board chair, has been appointed as interim CEO while Kohl's searches for a permanent replacement. This marks the third CEO change in three years amidst struggles with declining sales and competitive pressures.