When Ashley Buchanan took the reins at Kohl’s four months ago, no one would have guessed his abrupt and dramatic departure. But in the cutthroat world of retail giants, even the slightest whiff of impropriety can be disastrous.
This time, it had nothing to do with flagging sales or missed style cues—it was personal. A low-profile vendor transaction with an old flame sparked the powder keg that ultimately derailed Buchanan’s short reign.
The disclosure of a conflict of interest between a multimillion-dollar deal and a previous love affair has left the firm—and its shareholders—shocked, just as spring fashion season launched.
A CEO’s Short-Lived Run
Ashley Buchanan, a veteran executive who’d held positions at big box retailers such as Walmart and Michaels, was recruited to right the ship at Kohl’s.
The department store has been pummeled by changing consumer behaviors, ruthless e-commerce competition, and in-house attrition. His hiring was supposed to mark a new beginning—new thinking, bolder strategy, and a more robust brand.
But Buchanan didn’t even last a full quarter. What was billed as a long-term turnaround for the Wisconsin-based brand melted away in rumor and HR notices. Four months in, he’s headed out the door, and not due to market trends or supply chain issues.
The Woman at the Center
Meet Chandra Holt—a bright, driven executive with a shiny resume. A former Walmart associate of Buchanan’s, she went on to CEO positions at Conn’s HomePlus and, more recently, Beyond Inc. Yet there is more to Holt than a forceful business persona.
As the story goes, she and Buchanan shared more than just boardrooms and strategy sessions. Their personal relationship—though no secret—was never publicly referenced until now.
A highly profitable contract between Incredibrew, Holt’s wellness coffee firm, and Kohl’s gave rise to some suspicions. And it was the same contract that prompted the company’s internal investigation—and Buchanan’s downfall.
Incredibrew and Incredible Timing
Incredibrew, Holt’s firm, is not your run-of-the-mill vendor. The brand positions itself as a “vitamin-infused coffee experience,” combining wellness with your morning coffee.
And though beauty starts from within—particularly when you’re drinking magnesium-laced coffee—it’s not the sort of name you’d think Kohl’s would be so eager to court. A multimillion-dollar consulting contract was landed during Buchanan’s tenure, on terms insiders have called “unusually favorable.”
The contract itself would’ve been under the radar, were it not for Buchanan’s oversight in disclosing his prior relationship with Holt. And in corporate compliance, that’s a rookie error with C-suite repercussions.
The Fallout Behind the Scenes
An audio recording obtained by the Wall Street Journal recounts that Kohl’s interim CEO Michael Bender spoke to employees in an all-hands meeting shortly after Buchanan was fired.
There were no explanations made, and no questions permitted—just a somber admission that the company had made a tough, but necessary, decision. Staffers were said to be “stunned” but hardly surprised.
Kohl’s leadership upheavals are increasingly more the rule than the exception following years of turbulence. The vendor agreement was not only a bad appearance—it was also a possible menace to investor confidence. For a brand already struggling to stay in business, that’s a dealbreaker.
Public Denial, Private Questions
Chandra Holt, who is now under the spotlight, issued a statement to The Journal, “I’ve known Ashley Buchanan for 10 years, but I have received no payment for my Incredibrew business from Kohl’s.”
The denial was immediate, yet somewhat murky. She did not deny the contract—only the payment. And although it is not known if the deal personally enriched her, it did enrich somebody.
The status of their relationship—past, current, or business-only—remains the topic of speculation. Yet, in retail America’s boardrooms, the perception of impropriety can prove as costly as an established scandal.
Beauty, Branding, and a Bitter Brew
Kohl’s has traditionally placed itself at the crossroads of affordability and aspirational fashion. From curated beauty offerings to activewear collaborations, the brand has endeavored to remain in vogue while combatting irrelevance.
But reputational missteps like this tarnish the brand image. Partners and products only shine when the leadership behind them is unblemished. Incredibrew might be a beauty-from-the-inside-out brand, but the optics of the deal don’t look clean.
For customers who want shiny brands and shiny faces, this executive misstep feels off-brand. Trust, after all, is fashion’s true currency—and once lost, it’s difficult to restitch.
Financials, Fines, and Fallout
The price of this mistake extends beyond headlines. Buchanan, who reportedly received a $2.5 million signing bonus, will lose some of it. He’s also losing all equity awards.
Kohl’s wasn’t subtle about the fact that this wasn’t a graceful exit—it was a firing “for cause,” a move practically unheard of at the top ranks unless serious violations occur. In a twist, Kohl’s stock climbed 7.6% after the news broke. Investors, it would appear, liked drama better than deceit.
The company maintains the episode won’t impact earnings—but that assurance, welcome as it is, hasn’t completely placated the fashion-conscious masses or Wall Street observers.
The Larger Scene at Kohl’s
Stepping back, this is merely the latest speed bump on a long road for the Menomonee Falls-based merchant. In just three years, Kohl’s has cycled through three CEOs, each arriving with big promises and departing with bigger disappointments.
Michelle Gass left for Levi’s. Tom Kingsbury barely had time to settle in before handing it to Buchanan. And now, Michael Bender steps in as interim—again.
With declining sales and a changing retail landscape, Kohl’s needs stability more than ever. Instead, they’ve spent their time unraveling a drama that feels less like strategic planning and more like an office soap opera.
What Happens Next?
As Kohl’s gets ready for its next chapter, the brand needs to strike a fine balance—mend internal trust, establish stable leadership, and assure customers that it’s still the go-to place for on-trend apparel, self-care bargains, and home essentials.
Fashion depends on reinvention, and Kohl’s still has the opportunity to make this scandal a stepping stone. For now, however, a stylish mess lingers. Buchanan’s downfall was quick.
Holt’s part is still unclear. And the store is once again left to redesign its future. In retail, as in romance, transparency is not optional—it’s mandatory. The question now: can Kohl’s learn to lead without overstepping?
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