Kohl’s Fires CEO Ashley Buchanan Over Ethics Breach

Kohl’s Abruptly Fires CEO Ashley Buchanan Over Ethics Breach

Kohl’s Corporation has fired its Chief Executive Officer Ashley Buchanan in a shocking move after he has been in the position just four months. The disclosure, released Thursday, May 1, 2025, comes after an internal investigation discovered a violation of company policy related to undisclosed conflicts of interest in vendor dealings. The news has sparked a storm of conversation, with many using terms such as “Kohl’s CEO fired,” “Ashley Buchanan” and “Chandra Holt” on platforms.

Background on Ashley Buchanan’s Time at Walmart

The 51-year-old Buchanan assumed the Kohl’s’ helm Jan. 15, 2025, following Tom Kingsbury. With a strong CEO background (at Michaels Companies 2020-24, and previously at Walmart and Sam’s Club), Buchanan was brought in to revitalize Kohl’s, which faced declining sales and was caught in fierce competition from online giants and big-box retailers like Walmart. His pay package, worth a reported $20 million, reflected high hopes for a turnaround. But his tenure was short, cut short even, by ethics lapses.

Investigation and Findings

An external investigation led by Kohl’s and overseen by outside counsel discovered that Buchanan instructed the retailer to participate in vendor transactions with undisclosed conflicts of interest. More specifically, he directed Kohl’s to do business with Incredibrew, a coffee company owned by Buchanan’s romantic partner, Chandra Holt. Buchanan and Holt first met years ago at Walmart and did not disclose their relationship as required by the Kohl’s code of conduct, The Wall Street Journal reported.

The transactions were referred to as “highly unusual” and allegedly contained Incredibrew-favorable terms. ET – The SkyBox Managing Partner helped engineer a consulting agreement worth multiple millions of dollars, and Holt was a member of the consulting team. Buchanan’s actions were inconsistent with Kohl’s policies, and the board fired Buchanan “for cause.” Kohl’s also stressed that the firing was not connected to the company’s financials, other personnel or operations.

Consequences for Buchanan

Buchanan will forfeit all equity awards as part of his dismissal, including recruitment awards given in January 2025. Oh, and he must return a pro rata portion of his $3.75 million signing bonus ($2.5 million). The harshness of the steps unveiled goes some way to explaining the board’s insistence that honest governance and control remain on the agenda.

Leadership Transition

The retailer Kohl’s has named chairman Michael Bender as interim chief executive, effective immediately. Bender came onto the board in July 2019 and became chair in May 2024 with experience to spare. The company has begun a search for a permanent chief executive and will appoint a new chair of the board in the future. Kohl’s promised shareholders that the leadership shift would not disturb the daily course of the business.

Kohl’s Broader Challenges

Buchanan’s departure could not come at a worse time as Kohl has been having trouble in a struggling retail landscape. The Menomonee Falls, Wisconsin, retailer, which has more than 1,600 stores across the US, has reported that sales have fallen for three years in a row. Middle-income shoppers, the ones who form Kohl’s core market, have cut back on discretionary spending as costs have gone up. Its strategic efforts, including deals with Sephora and Toys R Us, show promise but have not been enough to lift the sales slump. Kohl’s also recently eliminated 10% of its corporate jobs to improve profitability, illustrating the need to continue to slim operations.

The business announced better-than-anticipated first-quarter preliminary earnings on May 1, 2025, which sent the stock price up 8.4%. But the stock is still down about 70 percent over the past year, underscoring the challenges for the retailer. Buchanan’s ouster is the third change of chief executive in as many years and it has reawakened questions about leadership stability.

Public Response and Social Media Pulse

News of the departure immediately sparked online chatter, with “Ashley Kohl’s CEO,” “Kohl’s CEO” and “Chandra Holt” all trending on X. An X post documenting the public’s surprise noted, “Kohl’s CEO Ashley Buchanan is out after just four months — talk about a short time in office!” Another user hypothesized about the affair: “undisclosed relationship with a vendor? ‘That’s a bold move for a CEO.’” These reactions are indicative of the public’s interest in the headline-grabbing firing and what this means for Kohl’s.

Who Is Chandra Holt?

The vendor in question, Chandra Holt, is a consultant and entrepreneur. And in January 2025, she launched Incredibrew, a brand of coffee with vitamins and minerals in it. Holt’s résumé features a short tenure as Bed Bath & Beyond’s CEO in 2024, a role she left after just four months following a shake-up in leadership. She was Walmart’s chief merchandising officer until 2021, and most recently named executive chairwoman of Jonas Brothers Ventures. Her former relationship with Buchanan over at Walmart made the investigation’s conclusions multi-layered.

Buchanan’s Track Record

Prior to Kohl’s, Buchanan was credited for his leadership at Michaels Companies, where he drove improved profitability and growth of digital capabilities. His prior jobs at Walmart and Sam’s Club had made him a veteran of the retail industry. However, regardless of his successes, the ethics violation at Kohl’s could potentially cloud his professional reputation, although he has remained mum on the topic.

What’s Next for Kohl’s?

Now Kohl’s faces the two-pronged task of hiring a new CEO and rebuilding stakeholder confidence. The company says it is trying to ensure business as usual as it grapples with strategic and financial problems, with Michael Bender serving as the interim chief executive. The retailer’s ethical management, shown by its rapid response, could minimize damage to its reputation. But the leadership change comes at a challenging time for Kohl’s, which has been losing market share and struggling to adjust to changing shopper tastes.

FinanceTract.com will continue to monitor this developing story as Kohl’s navigates its leadership transition and ongoing retail challenges.

Table: Kohl’s CEO Transition Timeline

Table: Key Figures in the Kohl’s CEO Controversy

Disclaimer: This article is based on publicly available information and reports from credible sources as of May 1, 2025. It is intended for informational purposes only and does not constitute financial advice.