In a scandal that has rocked the U.S. retail industry, Kohl’s Corporation has fired its CEO, Ashley Buchanan, after an internal investigation uncovered a series of undisclosed and questionable business deals tied to his former romantic partner—identified by the Wall Street Journal as Chandra Holt.

What Happened to Ashley Buchanan?

Ashley Buchanan, who joined Kohl’s as CEO in 2020 after a high-profile tenure at Walmart, was abruptly terminated “for cause” in April 2025. According to a regulatory filing with the U.S. Securities and Exchange Commission (SEC), Buchanan directed Kohl’s to enter a “highly unusual” and favorable agreement with a vendor connected to someone with whom he had personal ties—later revealed to be Holt.

These deals, reportedly worth millions of dollars, bypassed normal corporate approval processes and raised multiple red flags. Kohl’s cited a “severe violation of the company’s code of ethics” and stated Buchanan failed to disclose the nature of the relationship, which constituted a conflict of interest.

As a consequence, Buchanan has been stripped of all unvested stock awards and must repay a portion of his $2.5 million signing bonus. He also forfeits severance and other post-employment benefits.

Chandra Holt and Kohl's CEO Ashley Buchanan
Chandra Holt and Kohl's CEO Ashley Buchanan

Who Is Chandra Holt? Background, Career, and Connection to Buchanan

Chandra Holt is a well-established executive in the retail and e-commerce industries, with an extensive resume including senior leadership roles at:

  • Walmart – where she met Buchanan, serving as EVP & Chief Merchandising Officer for Walmart.com.

  • Sam’s Club

  • Walgreens

  • Target – earlier in her career.

  • Conn’s HomePlus – CEO and President (2021–2022).

  • Bed Bath & Beyond (Beyond, Inc.) – CEO of the division (Feb 2024 – Jun 2024).

  • Founder of Incredibrew – a direct-to-consumer specialty coffee brand, launched in 2022.

Holt holds a BA in Advertising, PR, and Communications, and an MBA in Business Strategy and Marketing from the University of Minnesota’s Carlson School of Management.

Chandra Holt became CEO of Beyond Inc. in 2023
Chandra Holt became CEO of Beyond Inc. in 2023

Their Relationship and the Hidden Business Dealings

According to sources close to the matter, Buchanan and Holt began their romantic relationship while working together at Walmart. The relationship continued after both left the company—Buchanan joined Kohl’s, while Holt went on to lead Conn’s HomePlus and later joined Beyond, Inc.

The SEC filing alleges Buchanan steered consulting contracts to a company tied to Holt or her affiliates, without full board approval or disclosure. The agreements were structured to heavily benefit the vendor—raising concerns over preferential treatment.

Though Holt has publicly denied receiving compensation related to the Kohl’s deals, the timeline and the personal connection were enough for the company’s board to act decisively.

The Fallout for Kohl’s

The scandal comes at a difficult time for Kohl’s:

  • Sales dropped 7.2% in 2024, falling to $15.4 billion.

  • The company had already announced closures of 25+ underperforming stores.

  • Investor confidence was slipping, with stock prices down nearly 50% year-to-date.

In an unexpected twist, Kohl’s stock rose nearly 4% after Buchanan’s ouster was announced—suggesting that investors approved of the leadership shakeup.

Michael Bender, Chairman of the Board and former Walmart executive himself, has been named interim CEO. The company is now seeking a permanent replacement.

What’s Next for Kohl’s and Holt?

While Buchanan’s corporate career may be irreparably damaged, Holt’s future remains uncertain. She has not been charged with any wrongdoing, but her connection to the scandal may affect her standing in the retail industry.

Kohl’s, meanwhile, is under pressure to restore public trust, stabilize its operations, and reverse its downward trend.

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