Retail chain Kohl has reportedly fired its newly hired chief executive officer (CEO) after an investigation showed he had cut a “highly unusual" business deal with a woman who had been his romantic partner. According to a report in Wall Street Journal, Ashley Buchanan directed Kohl’s to “engage in vendor transactions that involved undisclosed conflicts of interest”. Kohl had hired Ashley Buchanan to lead the department store chain in November 2024.
Specifically, the conflict involved Buchanan’s relationship with Chandra Holt, a former colleague at Walmart. According to a company filing that didn’t specifically name Holt, the vendor signed a multimillion-dollar consulting agreement with Kohl’s with unusually favorable terms. Kohl’s audit committee oversaw an investigation that found Buchanan had not disclosed the inappropriate vendor relationships.
According to the WSJ report, Buchanan and Holt rose through the ranks at Walmart before leaving around the same time for senior positions at other retailers.
Punishment for Ashley Buchanan: More than just firing
Buchanan has not only lost his CEO job, he will also have to forfeit all equity awards from the company and be required to reimburse Kohl’s on a pro-rated basis for a signing award worth $2.5 million, according to securities filings.
Who is Chandra Holt
Holt is currently founder and CEO of Incredibrew, a coffee brand infused with vitamins and minerals, according to her LinkedIn profile. Holt left Walmart in 2021 to become CEO of Conn’s HomePlus. In 2023, Holt became CEO of Beyond Inc. — the company that owns Overstock.com and Bed Bath & Beyond — where she led the company for a year.
What Kohl told staff on Ashley Buchanan's sacking
Kohl’s named board member Michael Bender as interim CEO effective immediately. In an all-hands meeting on May 1, Bender and other Kohl’s executives “sought to reassure staffers,” but didn’t provide any additional details or take questions, the Journal reported.
“This is not a moment we expected nor the outcome we wanted for the company and our associates, but it is the right decision for us,” Bender said, according to a recording reviewed by the Journal.
Specifically, the conflict involved Buchanan’s relationship with Chandra Holt, a former colleague at Walmart. According to a company filing that didn’t specifically name Holt, the vendor signed a multimillion-dollar consulting agreement with Kohl’s with unusually favorable terms. Kohl’s audit committee oversaw an investigation that found Buchanan had not disclosed the inappropriate vendor relationships.
According to the WSJ report, Buchanan and Holt rose through the ranks at Walmart before leaving around the same time for senior positions at other retailers.
Punishment for Ashley Buchanan: More than just firing
Buchanan has not only lost his CEO job, he will also have to forfeit all equity awards from the company and be required to reimburse Kohl’s on a pro-rated basis for a signing award worth $2.5 million, according to securities filings.
Who is Chandra Holt
Holt is currently founder and CEO of Incredibrew, a coffee brand infused with vitamins and minerals, according to her LinkedIn profile. Holt left Walmart in 2021 to become CEO of Conn’s HomePlus. In 2023, Holt became CEO of Beyond Inc. — the company that owns Overstock.com and Bed Bath & Beyond — where she led the company for a year.
What Kohl told staff on Ashley Buchanan's sacking
Kohl’s named board member Michael Bender as interim CEO effective immediately. In an all-hands meeting on May 1, Bender and other Kohl’s executives “sought to reassure staffers,” but didn’t provide any additional details or take questions, the Journal reported.
“This is not a moment we expected nor the outcome we wanted for the company and our associates, but it is the right decision for us,” Bender said, according to a recording reviewed by the Journal.
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