Ashley Buchanan’s sudden exit from Kohl’s wasn’t just about falling sales—it was about a business deal tied to an old flame and a failure to follow company rules.
Key Facts:
- Ashley Buchanan was fired as Kohl’s CEO after just four months due to an undisclosed romantic conflict of interest.
- An internal investigation revealed he directed Kohl’s into a lucrative vendor deal with a company linked to former colleague and romantic partner Chandra Holt.
- Holt, now running a vitamin-infused coffee startup called Incredibrew, previously held top roles at Walmart and Bed Bath & Beyond.
- The relationship violated Kohl’s code of conduct and led to Buchanan losing equity awards and part of a $2.5 million signing bonus.
- Chairman Michael Bender is now serving as interim CEO—Kohl’s fourth in three years—as the company faces falling sales and a tough retail environment.
The Rest of The Story:
Ashley Buchanan’s tenure as CEO of Kohl’s ended abruptly when the board discovered he orchestrated a business agreement with a vendor tied to Chandra Holt, a former romantic partner and retail executive.
Their history dates back to Walmart, where both held senior roles before advancing to other major retailers in Texas.
The unnamed vendor, later identified by sources as Holt’s startup Incredibrew, received a multimillion-dollar consulting contract under Buchanan’s direction.
Buchanan failed to disclose the past relationship, which the board said violated company conduct rules.
He was dismissed and will forfeit company equity and part of his signing bonus.
This marks yet another leadership shake-up for Kohl’s as it deals with a 4% drop in sales and the looming prospect of reporting a quarterly loss.
Kohl’s fires new CEO Ashley Buchanan after probe finds he violated conflict of interest policies https://t.co/80lPUqF5TG pic.twitter.com/ZgCnNkVUfz
— New York Post (@nypost) May 1, 2025
Commentary:
This episode is a classic example of personal relationships interfering with corporate governance.
While the dollar value of the deal may not shake Kohl’s long term, the lack of transparency was enough to cost a CEO his job.
It’s a cautionary tale for executives: mixing romance and boardroom decisions often ends badly.
Buchanan’s failure to disclose the relationship shows poor judgment, especially at a time when Kohl’s is already under pressure from investors and consumers.
Trust in leadership is hard to gain and easy to lose.
Even the appearance of favoritism can erode that trust quickly.
The bigger issue, however, is Kohl’s itself.
This is now their fourth CEO in three years.
Constant turnover at the top signals deeper trouble inside the company.
Kohl’s struggles with identity—caught between being a department store and a discount retailer—have left it in retail limbo.
In the age of Amazon and Walmart dominance, big box stores must deliver value, quality, and a digital experience.
Kohl’s, for years, has failed to do any of those consistently.
This latest scandal is just a distraction from the more urgent challenge: reinventing the company before it becomes irrelevant.
The Bottom Line:
Ashley Buchanan’s firing is less about scandal and more about poor leadership judgment at a fragile moment for Kohl’s.
Personal ties and secrecy cost him his job, but the company’s problems go much deeper.
Unless Kohl’s can stabilize its leadership and modernize its strategy, this episode may be remembered as just another misstep on the way to a larger collapse.
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