Ashley Buchanan, Kohl's brand new CEO, fired just five months after his appointment

Kohl's has fired its newly installed CEO Ashley Buchanan, who has spent less than five months in the position, after the retailer found him engaged in unethical behavior. The CEO of Kohl's was fired after the company's board said he violated conflict-of-interest standards, according to Axios.

Buchanan was terminated after an external investigation found that he directed the company to engage in transactions that involved "undisclosed conflicts of interest," according to the company's statement.

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Why did Kohl's fire its CEO?

Kohl's announced Thursday morning that CEO Ashley Buchanan had been terminated after less than four months on the job. Buchanan’s dismissal was “for cause,” a rare rebuke of a business leader that carries serious weight in the business community. It comes after an investigation from an outside counsel found that he “violated company policies by directing the company to engage in vendor transactions that involved undisclosed conflicts of interest,” according to a press release.

The struggling department store chain has had significant turnover in the C-suite as it tries to reinvent itself amid three straight years of sales declines. "An investigation conducted by outside counsel and overseen by the Audit Committee of the Board determined Mr. Buchanan violated company policies by directing the Company to engage in vendor transactions that involved undisclosed conflicts of interest," Kohl's said in a statement.

The retailer added that his firing was "unrelated to the Company's performance, financial reporting, results of operations and did not involve any other Company personnel."

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Buchanan, a past CEO of Michaels, became CEO of Kohl's in January as the company seeks a turnaround. The retailer reported Thursday that it expects its first-quarter comp sales to fall in a range of 4% to 4.3%.

Kohl's has appointed board member Michael Bender as interim CEO as the retailer continues its search for a permanent successor.

Bender is the fourth individual to hold the CEO position—either on a permanent or interim basis—within the past three years. He previously served as CEO of optical retailer Eyemart Express and held the role of Chief Operating Officer for Global Ecommerce at Walmart.