Kohl's ousts CEO Ashley Buchanan over vendor scandal

Kohl’s Corporation has fired CEO Ashley Buchanan after an internal investigation uncovered that he directed the company into multimillion-dollar vendor and consulting agreements that involved undisclosed conflicts of interest with Chandra Holt, a former romantic partner and founder of Incredibrew. Both Buchanan and Holt failed to disclose their relationship to their respective employers, with Holt also serving as a consultant at Boston Consulting Group (BCG) involved in a contract with Kohl’s. BCG subsequently terminated Holt’s contract following the revelations. Kohl’s emphasized that Buchanan’s termination was unrelated to company performance or financial reporting and did not implicate other employees. The board quickly appointed Chairman Michael Bender as interim CEO and pledged to continue enhancing company value amid ongoing store closures and restructuring. The incident has intensified scrutiny on corporate governance, transparency, and ethical leadership at Kohl’s.