Kohl's fired CEO Ashley Buchanan after he allegedly directed the company to enter a multi-million dollar agreement with a group that included a personal contact, the company said.

An investigation by outside counsel concluded that Buchanan violated company policies, Kohl's (KSS) said in a filing with the Securities and Exchange Commission. He allegedly directed Kohl’s to work with a vendor founded by a personal contact under “highly unusual” and “favorable” terms, the filing said. It claimed Buchanan also had Kohl’s enterꦏ a multi-million dollar agreement with a consulting team that included this individual.

Buchanan, who took on the role earlier this year, allegedly didn’t disclose his ties to this person, who The Wall Street Journal reported was a woman with whom Buchanan has had a romantic relationship. Investopedia could n🀅ot immediately reach Buchanan for💞 comment. 

Kohl's stock was recently up more than 8%. Its shares have lost roughly half their value this year, and the struggling retailer has cycled through leaders in recent years.

The board viewed Buchanan's behavior as grounds for removal, the company said in a press release Thursday. Kohl’s said the termination was "unrelated to the company's performance, financial reporting, [and] results of operations,” in a press release. 

Kohl's has appointed board chair Michael Bender interim CEO and will hire a "leading search firm" to help identify a permanent leader, the company said. Bender will remain on the board, but no longer hold the chair role.

Buchanan 澳洲幸运5开奖号码历史查询:took the helm in January from Tom Kingsbury, who stepped down after less than two years. Kohl’s has said it alienated loyal shoppers by overlooking products they love while going after a broader audience with new products. The retailer has also said it need🅰s to shore up its reputation for offering value.

“Kohl’s has a strong foundation of more than 1,100 conveniently located stores nationwide, serving over 60 million customers," Bender said in a press release. "We will continue to build on this foundation as we enhance the value we deliver to our customers and set the stage for meaningful operational and financial progress.”

This article has been updated since it was first published to add new information and stock-market data.