Ashley Buchanan Fired as Kohl’s CEO Over Vendor Conflict Scandal

Ashley Buchanan, a retail veteran once seen as a savior for Kohl’s, has been abruptly ousted from his CEO position in less than five months—a shocking leadership shakeup that unveils troubling revelations behind the scenes of the struggling department store chain.

Ashley Buchanan’s Rise and Fall at Kohl’s

When Ashley Buchanan took over as CEO of Kohl’s in January 2025, the company was already grappling with declining sales, fierce competition, and a need for urgent transformation. With his previous experience as CEO of Michaels and top executive roles at Walmart, hopes were high that Buchanan would bring much-needed change. However, within just a few months, he became the center of a controversy that ultimately cost him his job.

According to an official statement released by Kohl’s, an external investigation overseen by the company’s Audit Committee revealed Buchanan’s direct involvement in vendor transactions that carried undisclosed conflicts of interest. Specifically, the transactions involved a woman with whom Buchanan had a romantic relationship—Chandra Holt, former CEO of Bed Bath & Beyond and founder of the wellness beverage company Incredibrew.

The board of directors swiftly acted, citing that Buchanan’s actions were in direct violation of company policies. As a result, his termination was executed “for cause,” a serious designation in the corporate world that not only ends the employment contract but also signals potential legal ramifications.

Conflict of Interest and the Incredibrew Scandal

Details have emerged that Buchanan directed Kohl’s to enter into a multimillion-dollar agreement with Incredibrew, a company owned by Chandra Holt. The highly unusual nature of the transaction raised red flags within Kohl’s financial oversight team, prompting the Audit Committee to initiate a full-scale investigation. The romantic connection between Buchanan and Holt, who had first met during their tenure at Walmart, was not disclosed at any stage of the approval process.

The covert relationship and questionable deal structure led investigators to conclude that Buchanan breached fiduciary responsibilities, undermined board trust, and potentially exposed Kohl’s to reputational and financial risks. Importantly, the investigation confirmed that no other employees were involved, and the issue did not affect the company’s financial reporting or core operations.

In a time when transparency and ethical leadership are more important than ever, Buchanan’s actions represent a cautionary tale in corporate governance. The case of Incredibrew underscores the significance of rigorous vendor evaluation processes and conflict-of-interest protocols in safeguarding shareholder interests.

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Michael Bender Steps In Amid Retail Turmoil

As the dust settles, Kohl’s has named board member Michael Bender as interim CEO. Bender, a seasoned executive with experience at Eyemart Express and Walmart, becomes the fourth person to hold the CEO position at Kohl’s in just three years. His appointment signals a commitment to stability while the search for a permanent replacement begins.

Bender’s leadership arrives during a critical phase for Kohl’s. The retailer recently announced a 4.3% decline in comparable first-quarter sales and revealed plans to close 27 stores, shrinking its footprint to just 1,100 locations. Amid shifting consumer behaviors and rising online competition, the company must act swiftly to stabilize its brand and refocus on long-term growth strategies.

Despite the leadership shakeup, Kohl’s emphasized that Buchanan’s firing was unrelated to financial misconduct or the performance of any other team members. Still, the corporate world is watching closely to see how Kohl’s navigates this latest challenge and rebuilds executive credibility.

Looking Ahead: A New Chapter for Kohl’s

The departure of Ashley Buchanan leaves Kohl’s at a crossroads. The board’s decisive action highlights the retailer’s zero-tolerance approach to ethical violations and reflects a broader trend in corporate America toward increased accountability.

Retail analysts suggest that Kohl’s must now prioritize transparent leadership, clear communication with stakeholders, and innovative strategies to win back both customer loyalty and investor confidence. As the executive search proceeds, attention will also be paid to how Bender steers the brand through one of its most turbulent periods in recent memory.

For Buchanan, the fallout from this scandal may extend beyond Kohl’s. Industry insiders note that “for cause” terminations often result in blacklisting from future top-tier leadership roles, signaling a dramatic reversal in a once-promising career.

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Frequently Asked Questions (FAQs)

Why was Ashley Buchanan fired from Kohl’s?

Ashley Buchanan was fired for cause after an external investigation found he directed Kohl’s into vendor transactions involving undisclosed conflicts of interest, including a deal with a company owned by his romantic partner.

Who is Chandra Holt and what is Incredibrew?

Chandra Holt is a former Walmart and Bed Bath & Beyond executive and the founder of Incredibrew, a health-focused coffee brand. She was romantically involved with Buchanan, and her company received a questionable business deal from Kohl’s.

Who is the new interim CEO of Kohl’s?

Michael Bender, a board member with past leadership experience at Eyemart Express and Walmart, has been named interim CEO of Kohl’s following Buchanan’s dismissal.

Did Buchanan’s actions affect Kohl’s financial performance?

No. Kohl’s clarified that the termination of Ashley Buchanan was not related to the company’s performance, financial reporting, or operations. The issue was isolated to ethical misconduct.

How is Kohl’s responding to the scandal?

Kohl’s has taken swift action by terminating Buchanan and initiating a leadership transition. The company is also reassessing its vendor oversight and ethical compliance policies.

Will Kohl’s close more stores in 2025?

As of now, Kohl’s has announced the closure of 27 stores, reducing its total number to 1,100. Future closures will depend on performance metrics and strategic reviews.