Kohl’s CEO Ashley Buchanan has been ousted after failing to disclose a romantic relationship with entrepreneur Chandra Holt—triggering a high-stakes corporate ethics scandal that has rocked the retail world.
At a Glance
- Ashley Buchanan was fired as Kohl’s CEO for failing to disclose a romantic relationship with Chandra Holt, CEO of startup Incredibrew
- Buchanan helped facilitate business deals for Holt’s company at Kohl’s and Michaels without revealing their personal ties
- The couple began their relationship while working together at Walmart, which reportedly contributed to both their divorces in 2020
- Holt was also dismissed from a consulting role at Boston Consulting Group once her connection to Buchanan surfaced
- The episode has intensified scrutiny around transparency and ethics in executive decision-making
Ethics Collide with Romance
Ashley Buchanan and Chandra Holt’s relationship began years ago at Walmart, where both held senior leadership roles. As their personal relationship deepened, they transitioned into new careers—Buchanan eventually leading Michaels and then Kohl’s, while Holt launched the coffee startup Incredibrew.
Despite living together and maintaining close personal and professional contact, neither disclosed their relationship to corporate boards. Buchanan reportedly enabled Incredibrew’s product rollout at Kohl’s and Michaels while failing to alert stakeholders to the conflict—violating Kohl’s ethics code.
The issue escalated when it emerged Buchanan had also approved a multimillion-dollar consulting deal with Boston Consulting Group, where Holt was advising. An internal investigation concluded this constituted an unacceptable ethical breach.
Watch a report: Kohl’s CEO Fired Over Ethics Violation.
Corporate Accountability and Consequences
Buchanan’s firing was executed “for cause,” meaning he forfeits all unvested equity awards and could face clawbacks tied to the Incredibrew contracts. Holt, for her part, lost her consulting post at BCG immediately after the connection was confirmed.
Kohl’s board has launched a broader review of vendor policies to tighten controls around executive conflicts of interest. A company spokesperson reiterated that integrity and transparency remain non-negotiable, especially in vendor selection processes.
A Wake-Up Call for Corporate Governance
This incident underscores the stakes of corporate leadership missteps in an era of heightened investor scrutiny. For Kohl’s—already under pressure from lagging sales and fierce retail competition—the loss of its CEO during a crucial turnaround period is a serious blow.
The Buchanan-Holt affair isn’t just about personal misconduct. It’s a warning to all companies: undisclosed relationships in executive suites aren’t just awkward—they’re potentially catastrophic. And in today’s corporate landscape, silence isn’t just unethical—it’s expensive.
