Kohl’s CEO Ashley Buchanan Fired Due to Conflict of Interest Involving Romantic Partner Vendor
In a dramatic turn of events, Kohl’s has terminated CEO Ashley Buchanan after an internal investigation revealed a conflict of interest linked to a business deal with Chandra Holt, his former romantic partner and ex-colleague from Walmart. The investigation uncovered that Buchanan directed Kohl’s to engage in vendor transactions that involved undisclosed conflicts, leading to his firing and the loss of significant equity awards.
The Conflict of Interest
Ashley Buchanan, who was appointed as CEO of Kohl’s in November 2024, had been involved in vendor dealings with Chandra Holt, who is now the CEO of Incredibrew, a company that produces vitamin-infused coffee. The deal between Kohl’s and Holt’s company involved unusually favorable terms for the vendor, raising concerns about the appropriateness of the transaction. Kohl’s audit committee, overseeing the investigation, found that Buchanan failed to disclose this potential conflict of interest involving his personal relationship with Holt.
Consequences for Ashley Buchanan
Buchanan’s dismissal is accompanied by significant financial penalties. In addition to losing his CEO position, he will forfeit all equity awards and must reimburse Kohl’s for a $2.5 million signing bonus on a pro-rated basis, as outlined in the company’s securities filings.
Who is Chandra Holt?
Chandra Holt is the founder and CEO of Incredibrew, a company specializing in vitamin-enhanced coffee. Before this venture, she had an extensive career, including senior roles at Walmart, Conn’s HomePlus, and Beyond Inc. (the parent company of Overstock.com and Bed Bath & Beyond). Holt left Walmart in 2021 and became CEO of Conn’s HomePlus before transitioning to Beyond Inc. in 2023.
Kohl’s Reaction and Leadership Changes
Following the firing of Ashley Buchanan, Kohl’s appointed Michael Bender, a board member, as interim CEO. The company held an all-staff meeting on May 1, where Bender, along with other executives, reassured employees about the leadership change but did not go into specifics or answer questions from the staff.
“This is not the outcome we expected nor the decision we wanted for the company and our associates, but it is the right course of action for us,” Bender stated during the meeting, according to sources.
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FAQs About CEO Ashley Buchanan
1. Why was Ashley Buchanan fired from Kohl’s?
Ashley Buchanan was fired due to a conflict of interest involving a vendor relationship with his former romantic partner, Chandra Holt. He directed Kohl’s to engage in a vendor deal with Holt’s company without disclosing the personal connection.
2. What consequences did Buchanan face after his firing?
In addition to losing his CEO position, Buchanan will forfeit all equity awards and must reimburse Kohl’s for a $2.5 million signing bonus.
3. Who is the interim CEO of Kohl’s now?
Kohl’s appointed Michael Bender, a board member, as the interim CEO following Buchanan’s dismissal.
4. Who is Chandra Holt?
Chandra Holt is the CEO of Incredibrew, a vitamin-infused coffee company, and a former senior executive at Walmart, Conn’s HomePlus, and Beyond Inc..
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