Ashley Buchanan, the former CEO of Kohl’s, was fired after an internal probe revealed he failed to disclose a romantic relationship with Chandra Holt, CEO of a startup whose products he helped bring into Kohl’s stores, violating the company’s ethics policy, the Wall Street Journal reported.
On May 1, Kohl’s announced Buchanan’s termination for cause, citing an investigation that found he had arranged for the retail chain to stock products from Incredibrew, a coffee company founded by Holt. The probe, led by an outside law firm, concluded Buchanan had personally set favourable terms for Incredibrew’s distribution in hundreds of Kohl’s locations, despite failing to inform the board of his relationship with Holt.
The investigation also found that Buchanan pushed through a multimillion-dollar consulting contract with Boston Consulting Group (BCG), where Holt was working as an adviser at the time. BCG said it had been unaware of the relationship and terminated Holt’s contract once it was disclosed.
A long-running personal and professional overlap
Buchanan and Holt’s relationship dates back to their time at Walmart, where they worked closely in the mid-2010s. After both divorced their spouses in 2020, they relocated to Southlake, Texas, and began living together openly in the exclusive Vaquero Club community. While industry insiders had speculated about their relationship, it had not been publicly confirmed until the recent investigation.
Both Holt and Buchanan climbed the corporate ladder at major US retailers—Holt served as CEO at Conn’s HomePlus and later at Bed Bath & Beyond, while Buchanan ran Michaels before taking over as Kohl’s CEO in January 2024. At multiple points, they allegedly recommended each other’s companies to new hires and endorsed overlapping business interests without disclosing their personal relationship.
Startup involvement raised conflict red flags
The catalyst for Buchanan’s downfall was Holt’s wellness coffee venture, Incredibrew. The startup, which sells K-cups infused with supplements like collagen and melatonin, was stocked at Michaels during Buchanan’s tenure and later at Kohl’s. Former Michaels employees noted at the time that the decision to sell coffee in a crafts store felt out of place.
While Buchanan claimed he only introduced merchants to Incredibrew and did not mandate purchases, the terms of the Kohl’s deal were deemed “unusual and favourable” to Holt’s company, raising concerns. The board initiated the investigation after an employee flagged the transaction during routine vetting.
Fallout and ongoing scrutiny
The scandal has also ensnared former colleagues. Kohl’s Chairman Michael Bender, a longtime associate of both Holt and Buchanan from their Walmart days, stepped down as chairman and became interim CEO following the dismissal.
Holt, who was quietly ousted from Bed Bath & Beyond in June amid the controversy, has returned to focusing on Incredibrew. She maintains the products were never compensated by Kohl’s and denies wrongdoing.
Buchanan’s rapid fall from grace illustrates how undisclosed relationships at the highest levels of corporate leadership can unravel careers—and cost companies millions. Kohl’s is now searching for a permanent replacement amid mounting scrutiny from investors and employees.
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