Retail chain Kohl’s has removed its CEO, Ashley Buchanan, after an internal review uncovered that he facilitated a questionable business deal linked to a previous romantic partner. According to The Wall Street Journal, Buchanan was involved in securing a vendor agreement with favorable terms that included a conflict of interest he did not report.
Buchanan, who took over as CEO in November 2024, reportedly directed the company to enter into a consulting deal worth millions with a vendor associated with Chandra Holt, a former Walmart colleague and someone he had been romantically involved with. The agreement stood out for its unusually favorable conditions, drawing the attention of Kohl’s audit committee.
The board-led investigation found that Buchanan failed to disclose his relationship with Holt or the nature of the vendor deal, breaching corporate conduct policies.
More Than Just Termination
Beyond being dismissed, Buchanan faces financial penalties. As detailed in recent filings, he must give up all equity awards and reimburse a portion of his $2.5 million signing bonus, proportionate to the time he spent with the company.
Who is Chandra Holt?
Holt, according to her LinkedIn profile, is now the CEO and founder of Incredibrew, a coffee brand infused with vitamins. Her career spans senior roles at major retailers. After leaving Walmart in 2021, she became CEO of Conn’s HomePlus and later led Beyond Inc. — the parent company of Overstock.com and Bed Bath & Beyond — until stepping down after a year.
Kohl’s Leadership Responds
Kohl’s has appointed board member Michael Bender as interim CEO. During a company-wide meeting on May 1, Bender acknowledged the difficult decision and reassured employees, though no further details were given, and the session did not include a Q&A.
“This outcome wasn’t what we had hoped for, but it was necessary to protect the integrity of our company,” Bender stated in a message heard by employees, according to The Wall Street Journal.
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