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EdelmanSmithfield handles media for Kohl’s as the department store chain fires CEO Ashley Buchanan for cause.
A probe conducted by Kohl’s audit committee and outside counsel found that Buchanan violated policies "by directing it to engage in vendor transaction that involved undisclosed conflicts of interest, which it determined to be cause,” according to the company’s statement.
Buchanan, who was the company's third CEO in three years, reportedly steered business toward his romantic partner.
His ouster is said to be unrelated to Kohl’s performance, financial reporting, results of operations, and did not involve other staffers.
Kohl’s chairman and board member Michael Bender will helm Kohl’s on an interim basis. He’s a 30-year veteran who served as CEO of Eyemart Express and had top jobs at Walmart, L Brands and PepsiCo.
Kohls will unveil Q1 financials on May 29. It expects a drop in sales in the 4.0 percent to 4.3 percent range and operating income between $40M to $45M. The company earned $98M in the comparable quarter last year.
EdelmanSmithfield’s Lex Suvanto handles Kohl’s.
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