Kohl’s CEO Ashley Buchanan Fired Over Secret Deal Involving Former Walmart Colleague

In a major shake-up that surprised the retail world, Kohl’s fired its CEO Ashley Buchanan after discovering his involvement in a secret business deal tied to a personal relationship. The news broke on May 1, 2025, and it has left many employees and customers with big questions. Here’s what really happened—and why it matters.

Why Was Ashley Buchanan Fired?

According to an official filing by Kohl’s, Ashley Buchanan was terminated for cause after the board found that he violated the company’s code of conduct. Specifically, he failed to disclose a personal and romantic relationship with a vendor tied to a multimillion-dollar consulting deal.

The woman at the center of the scandal? Chandra Holt, a fellow retail executive Buchanan had known for over a decade. While the filing didn’t name her directly, media sources confirmed that Holt was part of the vendor team involved in the contract.

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Kohl’s stated that Buchanan used his influence as CEO to push the company into a deal with the vendor, without telling anyone about his relationship. That’s a big ethics breach—especially for a public company like Kohl’s.

Who Is Chandra Holt?

Chandra Holt is 44 years old and has a strong background in retail. She worked in major leadership roles at Walmart, Conn’s HomePlus, and Bed Bath & Beyond. She’s known for her work in e-commerce and merchandising strategy. She also has an MBA from the University of Minnesota.

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Today, Holt runs her own coffee brand called Incredibrew and works as a consultant.

Even though she’s caught up in the controversy, Holt told The Wall Street Journal that she didn’t receive any money or favors from Kohl’s for her Incredibrew business. She claimed, “I’ve known Ashley Buchanan for 10 years, but I have not received any compensation for my Incredibrew business from Kohl’s.”

Did Ashley Buchanan Benefit Financially?

Yes and no. While he was CEO, Buchanan earned a generous salary and had equity awards and bonuses. As of early 2025, his estimated net worth was around $10 million, according to financial disclosures and stock compensation records.

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But after his firing, things changed. Kohl’s said he will forfeit all equity awards and must repay a $2.5 million signing bonus on a pro-rata basis. That’s a major financial blow for the former CEO.

How Long Had Buchanan and Holt Known Each Other?

Ashley Buchanan and Chandra Holt had known each other for years. They first met at Walmart, where both worked in leadership roles. Their careers followed similar paths:

• Buchanan left Walmart in early 2020 to become CEO of Michaels, a major craft chain.
• Holt stayed a bit longer and left Walmart in 2021 to become CEO of Conn’s HomePlus. She later joined Bed Bath & Beyond.

Their paths kept crossing in the retail world, but it was the recent consulting deal with Kohl’s that raised red flags.

What Is Kohl’s Doing Now?

After Buchanan’s sudden departure, Kohl’s appointed Michael Bender—the company’s board chairman—as the interim CEO on May 1, 2025. He’s now the fourth CEO in just three years, showing how unstable the leadership has been.

The company also tried to calm employees, saying that the board is focused on moving forward. But there weren’t many extra details beyond the public statement.

Kohl’s has been having a tough time lately. Sales have been slipping, and the company is struggling to keep up with fast-changing customer habits. Leadership instability only adds to the challenge.