Ashley Buchanan Dismissed As Kohl’s CEO After Ethics Breach

Kohl’s Chief Executive Officer (CEO), Ashley Buchanan, has been dismissed after an internal probe revealed he directed the company into multimillion-dollar agreements involving his romantic partner, Chandra Holt. Michael Bender, Kohl’s Board Chair, has been named interim CEO.

The investigation found Buchanan failed to disclose the relationship, violating the company’s ethics policy. SEC filings revealed Buchanan negotiated deals favourable to a group linked to Holt, including a consulting contract and vendor arrangement. Buchanan must forfeit all equity awards and repay a prorated portion of his USD 2.5 million signing bonus. The business ties between Buchanan and Holt trace back to their time at Walmart. Holt later became a consultant and launched a coffee brand that Buchanan promoted on LinkedIn.