Kohl’s Fires CEO Ashley Buchanan Over Undisclosed Conflict of Interest Involving Former Partner
In a stunning corporate shakeup, American retail giant Kohl’s has terminated its Chief Executive Officer Ashley Buchanan following an internal investigation that revealed undisclosed conflicts of interest involving a business deal with his former romantic partner, Chandra Holt.
A Secret Deal With a Personal Connection
According to a report by The Wall Street Journal, Buchanan directed Kohl’s to engage in vendor transactions with a company run by Holt—his former colleague at Walmart and ex-girlfriend. The transactions, which involved a multi-million dollar consulting agreement, were made without proper disclosure to Kohl’s board.
The agreement reportedly included unusually favorable terms for the vendor, raising red flags during an audit committee-led investigation. Kohl’s determined that Buchanan violated company policies by failing to disclose his personal ties with the vendor.
Who Is Chandra Holt?
Chandra Holt is the founder and CEO of Incredibrew, a coffee brand infused with vitamins and minerals. She previously held executive roles at Walmart, Conn’s HomePlus, and most recently, Beyond Inc., the parent company of Overstock.com and Bed Bath & Beyond.
Holt and Buchanan both rose through Walmart’s leadership ranks before moving on to other top roles in the retail industry.
Consequences for Buchanan: Beyond Termination
Buchanan’s termination came with severe financial repercussions. According to securities filings:
- He will forfeit all equity awards from Kohl’s.
- He must repay a prorated portion of his $2.5 million signing bonus.
Kohl’s had appointed Buchanan as CEO in November 2024, just months before the scandal came to light.
Interim Leadership at Kohl’s
In the wake of Buchanan’s exit, Michael Bender, a member of Kohl’s board of directors, has been named interim CEO, effective immediately.
During an all-staff meeting on May 1, Bender addressed employees:
“This is not a moment we expected nor the outcome we wanted for the company and our associates, but it is the right decision for us.”
Kohl’s leadership did not take questions or disclose further details during the meeting, as per the WSJ report.
