Kohl's Corp. fired CEO Ashley Buchanan after just four months of work - the latest in a series of negative developments in one of the largest companies in Wisconsin.

Buchanan announced on May 1 that Buchanan instructed Kohl to “engage in supplier transactions involving undisclosed conflicts of interest,” the company announced on May 1.

"Mr. Buchanan's dismissal has nothing to do with the company's performance, financial reports, operating results and does not involve any other company personnel," the statement said.

Michael Bender, chairman of Cole's board, was appointed interim CEO, while the company conducted a search to replace Buchanan.

With basic salary and stock options, Buchanan's total compensation exceeds $20 million, making him one of the highest-paid executives in Wisconsin.

This is significantly higher than compensation from his predecessor, Tom Kingsbury.

Kohl's sales fell 9.4% on March 11 and profits fell 74.2% in the crucial fourth quarter of 2024, which included the holiday shopping season.

Buchanan took over as CEO on January 15.

He is the company’s third leader in four years – when stores closed down, sales fell 50% since early 2024.

Before being appointed CEO of Cole, Buchanan served as craft retailer Michael's Co.

Buchanan’s interim successor Bender serves as president and CEO of Eyemart Express, an optical retailer from 2018 to 2022.

Prior to joining Eyemart Express, Bender held an administrative position at Walmart. He has served as a director of Cole since 2019 and was appointed chairman of the board in May 2024.

Bender will remain on the board but will resign when he serves as interim CEO. The company said the new board chairman will announce it “in due time.”

"The board of directors is confident in Michael to serve as interim CEOs for our clients and colleagues and to make commitments to shareholders," John Schlifske, chairman of the Board Nomination and ESG Committee, said in a statement.

Cole is one of the largest companies in Wisconsin, ranking 235 in the 2024 Fortune 500 years.

It has about 4,000 company employees in the Milwaukee area and thousands of other workers across the state.

This article originally appeared in the Milwaukee Daily: Cole's Fire CEO Ashley Buchanan