The investigation and subsequent firing of Kohl’s CEO Ashley Buchanan was handled with “care, discretion and integrity,” said Kohl’s Corp. board chairman John Schlifske.
“This is not a situation the board anticipated and it’s one we approached with the seriousness it deserves,” Schlifske said in May 14 remarks to shareholders. “As directors, our responsibility is to act in the best interests of the company and its stakeholders.”
Schlifske is the former CEO of Milwaukee-based Northwestern Mutual.
Kohl’s fired CEO Ashley Buchanan on April 30 after the company learned about “highly unusual” business deals in which Buchanan had a personal relationship with a vendor and was trying to hire a consultant.
Kohl’s hired an independent law firm to investigate the situation and “that process was handled with care, discretion and integrity,” Schlifske said.
“When concerns were brought to the board’s attention we acted promptly,” Schlifske said adding the board is moving forward “with purpose to identify an appropriate leader for the next phase in the company’s journey.”
Former board chairman, and current board member, Michael Bender was appointed to be interim-CEO of the Menomonee Falls-based retailer.
A search committee has been formed to find the next CEO of Kohl’s.
Schlifske said the board is confident in the current executive team and the direction of the business.
“While leadership transitions can bring a period of adjustment, we have strong continuity both on the board and within the executive team,” Schlifske said.
“We understand our near-term priorities and the board has played an active and effective role in overseeing these initiatives. We remain united in our commitment to driving progress and reshaping the company for long-term growth and value creation.”
This article originally appeared on Milwaukee Journal Sentinel: Kohl’s Chairman Schlifske: Firing of CEO Buchanan handled with ‘care’ and ‘discretion’
Reporting by Ricardo Torres, Milwaukee Journal Sentinel / Milwaukee Journal Sentinel
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