Kohl’s CEO’s huge blunder in romance with glamorous retail guru which saw him sensationally booted from top job

The CEO of Kohl’s who was fired over a ‘highly unusual’ relationship with a vendor accidentally flaunted evidence of their personal connection online. 

Ashley Buchanan was sensationally booted from the top job at Kohl’s just 100 days into the job after what insiders are calling one of the most brazen conflicts of interest in recent memory. 

Now it’s been revealed Buchanan, once hailed as the man to save the company from retail purgatory, had posted a video to his LinkedIn featuring his glamorous partner-in-scandal, Chandra Holt. 

The 51-year-old Buchanan, a former Walmart exec and CEO of Michaels, shared a promotional video for Holt’s coffee startup, IncrediBrew, three months ago.

In the clip, Holt, clad in a white turtleneck, sitting in front of an electric fireplace, glows as she extols the virtues of collagen coffee. 

‘For those of you over the age of 30 and have not discovered collagen, I would highly recommend it,’ she says. ‘It is amazing for hair, skin and nails as well as bone and joint health.’

The post, which is still live on her LinkedIn account, was a seemingly harmless nod to collagen-infused coffee but has cemented concerns of a personal connection between the pair – a fallout which has impacted his reputation and career. 

The post may now go down as one of the most ill-advised public displays of affection in corporate history amid the misconduct. 

According to a bombshell SEC filing, Buchanan had directed Kohl’s to enter into not one, but two separate contracts that financially benefited Holt – all while failing to disclose that the pair had been romantically involved. 

First, there was the ‘highly unusual’ vendor agreement with IncrediBrew – Holt’s fledgling startup that, according to the Wall Street Journal, was just five months old when Buchanan got it in the door and on the shelves at Kohl’s.

Then came a multimillion-dollar consulting deal with Boston Consulting Group (BCG), which just so happened to have Holt on its advisory team.

The secrecy alone would have raised eyebrows, but what triggered Buchanan’s firing was the revelation that he not only kept Holt’s dual roles quiet, but signed off on Kohl’s annual report without disclosing their relationship. 

‘This is not just bad optics,’ said Mitchell Epner, a former federal prosecutor who now practices employment law to the New York Post. 

‘It’s highly unusual for a company to say that it is firing an executive for cause. That language is used when something very serious – potentially criminal – has occurred.’

Industry insiders say the red flags had been flying for months – long before the LinkedIn post. 

Buchanan and Holt, who met at Walmart and share a home in an upscale Dallas golf community, have been linked personally and professionally for years.

According to divorce documents unearthed by WSJ, Buchanan had tried to recruit Holt to his executive team while leading Michaels, even as his marriage was unraveling. 

His ex-wife’s attorney bluntly noted: ‘Ms. Holt is not simply a paramour, but instead is someone who very likely was privy to communications relevant to this case.’

And yet, Buchanan forged ahead, reportedly making Kohl’s commit to lucrative arrangements with Holt’s new ventures without ever informing the board – completely in breach of the company’s code of ethics.

When news of his ousting broke on Thursday morning, one retail executive expressed disbelief that the infamous LinkedIn video was still live: ‘Can’t believe he still has her on his LinkedIn page.’

One user commented even more bluntly: ‘Dayum bro Ashley Buchanan no wonder you got exposed, you repos[t]ing this.’

By Friday, Buchanan’s entire profile had vanished entirely.

Chandra Holt, once considered a rising star in retail with executive stints at Walmart and Conn’s HomePlus, was also terminated from her role at BCG the same day.

‘BCG was shocked to learn of the relationship between Chandra Holt and Ashley Buchanan,’ the firm said in a statement. ‘As a result of this non-disclosure, we have terminated Chandra Holt’s contract.’

Kohl’s has remained tight-lipped, refusing to confirm whether Holt was the trigger – but their actions speak volumes. 

Not only was Buchanan terminated for cause, but the company has demanded that he repay $2.5 million of his $3.75 million signing bonus and is stripping him of all equity awards, including $15 million in restricted stock.

His firing also voids his nomination to Kohl’s board – a move that occurred just two weeks before shareholders were set to vote.

Buchanan had succeeded Tom Kingsbury, who stayed on as an adviser and is retaining his position on Kohl’s board until his retirement next month. 

Kingsbury served as Kohl’s interim CEO in December 2022 and was named its permanent leader in February 2023. 

Buchanan’s dismissal marks the third CEO change at Kohl’s in three years, underscoring the instability at the top of a company already fighting for survival.

Once a retail powerhouse, Kohl’s has been battered by sluggish sales, strategic missteps, and fierce competition from e-commerce and off-price retailers.

The firing comes at a time when Kohl’s, which operates 1,600 stores across the country, is wrestling with sluggish sales. 

Its middle income shoppers have pulled back on discretionary spending in the face of still-high prices for necessities. 

And like other retailers, it is confronting uncertainty surrounding President Donald Trump’s expansive tariffs. 

The board, in a scramble, appointed Michael Bender, a veteran of Walmart, PepsiCo, and Bath & Body Works, as interim CEO, assuring investors the scandal won’t impact operations.

In fact, the market didn’t flinch with shares jumping nearly 9 percent following the announcement.

Kohl’s is trying to refocus, cutting partnerships, shedding underperforming stores, and betting on brands like Sephora and Eddie Bauer. But some analysts say the brand has drifted too far from its middle-class roots.