India, May 1 -- Kohl's has abruptly terminated its CEO, Ashley Buchanan, less than five months into his tenure, citing "for cause" dismissal due to "unethical behaviour." The retailer announced that an external investigation revealed Buchanan "violated company policies by directing the company to engage in vendor transactions that involved undisclosed conflicts of interest," marking a significant and rare rebuke of a top executive in the corporate world.

On January 15, Buchanan began his journey as Kohl's CEO with hopes that he would be able to turn around the struggling retail chain. However, the former chief executive of arts and crafts chain Michaels failed to do so in his short time at the top position. During his tenure, the sales d...