The former CEO of Kohl's, who was fired for his 'highly unusual' relationship with a vendor, accidentally left proof of their personal relationship in an online post. Ashley Buchanan was unceremoniously ousted from his role as CEO of Kohl's just 100 days into the position, in what insiders describe as one of the most brazen conflicts of interest seen in recent times.
It has now been revealed that Buchanan, who till some time back was being helmed as the potential savior of the struggling retailer, had shared a video on LinkedIn featuring his partner-in-scandal Chandra Holt, the glamorous retail guru at the center of the controversy, just three months ago.
Exposing His Secret Relationship
Buchanan, 51, a former executive at Walmart and ex-CEO of Michaels, posted a promotional video three months ago promoting IncrediBrew, a coffee startup founded by his lady love Holt.
In the video, Holt—dressed in a white turtleneck and seated before an electric fireplace—radiates confidence as she praises the benefits of collagen-infused coffee. "For those of you over the age of 30 and have not discovered collagen, I would highly recommend it. It is amazing for hair, skin and nails as well as bone and joint health," Holt says in the video.
The LinkedIn post, which is still live on her profile, appeared to be a harmless endorsement of collagen coffee—but it has intensified suspicions about a personal relationship between Buchanan and Holt, a controversy that has nearly ruined his career.
Amid the scandal, the post could now be remembered as one of the most poorly judged public expressions of affection in corporate history.
A bombshell SEC filing revealed that Buchanan had directed Kohl's to sign not one, but two contracts that provided financial gain to Holt—without ever disclosing their romantic relationship.
It began with a "highly unusual" vendor deal involving IncrediBrew—Holt's fledgling startup, which, as reported by the Wall Street Journal, was only five months old when Buchanan helped find a place on the shelves of Kohl's.
That was followed by a multimillion-dollar consulting agreement with Boston Consulting Group (BCG), where Holt also happened to serve on the advisory team.
While the secrecy surrounding these relationships was already cause for concern, what ultimately led to Buchanan's firing was the revelation that he not only hid Holt's dual affiliations but also approved Kohl's annual report without revealing their personal relationship.
Tarnished Image
Buchanan and Holt met at Walmart and rose through the ranks before quitting the company around the same time to take leadership roles at different Texas-based companies. Buchanan left Walmart in early 2020 to take over as CEO of Michaels, while Holt left in 2021 to head Conn's HomePlus as its chief executive.
In 2023, Holt took on the role of CEO at Beyond Inc., the parent company of Overstock.com and Bed Bath & Beyond, where she served for a year.
Divorce records unearthed by the Wall Street Journal reveal that while his marriage was falling apart, Buchanan tried to bring Holt onto his executive team during his tenure as CEO of Michaels.
His ex-wife's attorney bluntly said: "Ms. Holt is not simply a paramour, but instead is someone who very likely was privy to communications relevant to this case."
Holt, once seen as a promising figure in the retail world with leadership roles at Walmart and Conn's HomePlus, was also fired from her position at BCG on the same day.
"BCG was shocked to learn of the relationship between Chandra Holt and Ashley Buchanan. We have strict guidelines for our senior advisors to disclose any conflicts of interest," the company said in a statement.
"As a result of this non-disclosure, we have terminated Chandra Holt's contract."
Kohl's has declined to comment on whether Holt was the catalyst for Buchanan's firing, but its decisive actions suggest plenty.
Buchanan was fired for cause, and the company is now demanding him to return $2.5 million of his $3.75 million signing bonus. In addition, he is being stripped of all equity compensation, including $15 million in restricted stock.
His firing also voids his nomination to Kohl's board of directors—just two weeks ahead of a scheduled shareholder vote. Kohl's has appointed board member Michael Bender as interim CEO, effective immediately. Bender, who joined the board in July 2019, was named chairman in May 2024.
Kohl's said that Buchanan's termination did not impact the company's financial results, as it reported preliminary figures for the first quarter indicating a decline in comparable sales of between 4% and 4.3%.
The discount retailer, headquartered in Menomonee Falls, Wisconsin, has cycled through three CEOs in as many years while grappling with falling sales.
Buchanan succeeded Tom Kingsbury, who served for under two years after taking over from Michelle Gass, who left the company to join Levi's.
