Buchanan, a former chief executive of arts and crafts chain Michaels, began as Kohl’s CEO on January 15 with the hopes of turning around the struggling retailer. But during his short tenure, he failed to do that with sales falling as much as 4.3% the company revealed in preliminary earnings. Michael Bender, the current chairman of the Kohl’s board, will become interim CEO until a replacement is found. The news sent Kohl’s (KSS) shares soaring as much 8% in trading. Buchanan’s departure is a “distraction that the company does not need and can ill afford,” Neil Saunders, managing director of GlobalData Retail, said in a note. “While the sacking is not related to performance, it gives the impression that Kohl’s is in perpetual state of chaos and it raises some questions about the due diligence over his appointment,” he said, adding that it’s a “blow upon a bruise” for the company.

Kohl’s has terminated CEO Ashley Buchanan, who had just started at the department store chain’s helm in January, after an investigation determined that he directed the retailer to engage in vendor transactions that involved undisclosed conflicts of interest. Kohl’s named Chairman Michael Bender as interim CEO, effective immediately. Kohl’s said Thursday that Buchanan’s firing is unrelated to its performance, financial reporting, results of operations and did not involve any of its other employees. Kohl’s will conduct a search for a permanent CEO and said it will name a new chair in due course. The company couldn’t be immediately be reached for comments. The news comes nearly four months after Buchanan, who had been the CEO of arts and crafts chain Michaels, took over the job in January.

Kohl’s said Thursday it had terminated CEO Ashley Buchanan for cause after an outside investigation determined Buchanan violated company policy. It’s the latest piece of bad news for the struggling department store chain. Chairman Michael Bender will assume the role of interim CEO, effective immediately, the company said. Buchanan is accused of guiding Kohl’s to conduct business with a vendor founded by a person he had ties to, “on highly unusual terms favorable to the vendor,” the company said in a regulatory filing. The former CEO “also caused the Company to enter into a multi-million dollar consulting agreement wherein the same individual was a part of the consulting team,” Kohl’s said.