Kohl’s CEO Fired Over Secret Affair and Questionable Vendor Deal
In a dramatic twist involving personal relationships and corporate ethics, Kohl’s has dismissed CEO Ashley Buchanan. It was following revelations that he failed to disclose a romantic relationship with Chandra Holt. Chandra is a founder of coffee startup Incredibrew and a former executive at Walmart and Bed Bath & Beyond.
The Scandal Behind the Scenes
Buchanan, 51, was removed from his position after an internal investigation revealed he had facilitated a vendor deal between Kohl’s and Incredibrew — a business founded by Holt, 45. The deal, which involved selling Incredibrew’s supplement-infused coffee pods across hundreds of Kohl’s locations, was flagged as having “unusual” and overly favorable terms for the vendor, according to a Wall Street Journal report .
The issue wasn’t just the deal itself — it was Buchanan’s failure to disclose his long-standing romantic relationship with Holt. That act was violating Kohl’s Code of Ethics.
📌 Related: Kohl’s Investor Relations
A Timeline of Entanglement
The pair first met in 2015 while working at Walmart, where Buchanan led the dry grocery business and Holt was rising through the executive ranks. By 2017, Holt reported directly to Buchanan at Sam’s Club, sparking rumors of a close personal connection. Both executives filed for divorce from their respective spouses in 2020. Shortly thereafter moved into a $3 million home in the exclusive Vaquero Club neighborhood of Dallas.
Holt would later go on to lead Conn’s HomePlus and, more recently, the revived Bed Bath & Beyond before departing due to leadership restructuring in mid-2024.
🏠 Explore: Vaquero Club Real Estate
Ethics Breach at Michaels and Kohl’s
Incredibrew started appearing on shelves at Michaels and Kohl’s, even though neither store traditionally carried beverage products. Sources told the Journal that Buchanan hid his relationship with Holt when he introduced Incredibrew to product merchants, raising further concerns.
When Kohl’s Chairman Michael Bender — a former Walmart colleague — pressed Buchanan about his relationship with Holt, Buchanan admitted to the romance. The board quickly hired an outside law firm, which led to Buchanan’s firing on April 30.
Fallout and Financial Repercussions
Kohl’s terminated Buchanan for cause, and he also lost millions in compensation. Kohl’s revoked his equity awards and demanded repayment of a $2.5 million signing bonus. The company’s stock and sales struggled in 2024, with net sales dropping 7.2% to $15.4 billion and comparable store sales falling 6.5%.
Meanwhile, Chandra Holt was also affected by controversy. Chandra Holt was let go by Boston Consulting Group, where she had been working as an advisor — a role Buchanan allegedly helped secure while still at Kohl’s.
The Broader Implications
This high-profile corporate scandal highlights the importance of transparency, ethical conduct, and disclosure in executive decision-making. It also reveals how blurred lines between personal and professional relationships can profoundly affect careers and brand reputation.
With interim CEO Michael Bender now at the helm, the company plans to regain trust, improve performance, and refine its corporate governance practices.
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