Kohl’s Crisis – CEO Ashley Buchanan Removed Over a Secret Business Deal
New Delhi | May 2, 2025 — Retail giant Kohl’s has fired its newly appointed CEO, Ashley Buchanan, following an investigation that uncovered violations of company policies. The investigation, according to a report by the Wall Street Journal, revealed that Buchanan had directed Kohl’s to engage in vendor transactions involving undisclosed conflicts of interest, particularly related to his romantic relationship with Chandra Holt, a former colleague at Walmart.
The Deal That Led to the Firing
Ashley Buchanan had been hired by Kohl’s in November 2024 to lead the company during a period of transition. However, the decision to let Buchanan go stems from a highly unusual business arrangement that he entered into with Holt, who had previously worked alongside him at Walmart. The agreement, which involved a multimillion-dollar consulting contract between Kohl’s and a vendor, raised red flags when it was discovered that Buchanan failed to disclose the nature of his relationship with Holt. The favorable terms of the deal further heightened concerns, leading to an investigation by Kohl’s audit committee.
The audit revealed that Buchanan had not been transparent about the vendor relationship, which directly contravened the company’s policies regarding conflict of interest and ethical business practices. The findings of the probe led Kohl’s board of directors to make the decision to sever ties with Buchanan.
Who is Chandra Holt?
Chandra Holt, the individual involved in the controversial business deal with the US retailer, is a seasoned executive with a notable career. After leaving Walmart in 2021, she became CEO of Conn’s HomePlus before transitioning to the role of CEO at Beyond Inc. in 2023, the parent company of Overstock and Bed Bath & Beyond. Holt is also the founder and CEO of Incredibrew, a company that produces coffee infused with vitamins and minerals. Despite her achievements in the retail world, her involvement in the deal with Kohl’s has drawn scrutiny.
Punitive Actions Against Buchanan
Beyond losing his position as CEO, Ashley Buchanan is also required to forfeit all equity awards granted by the company. Moreover, he will have to reimburse Kohl’s for a signing bonus worth $2.5 million on a pro-rated basis. These financial penalties come as part of the company’s efforts to protect its reputation and ensure accountability at the highest levels of leadership.
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