Retail giant Kohl's has made headlines after dismissing its new CEO, Ashley Buchanan, less than five months into his tenure, citing serious breaches of conduct. This decision follows the recent success of Chandra Holt, a prominent figure in retail, who celebrated her latest venture into the coffee industry with her brand Incredibrew. Allegations suggest that Buchanan was directing business from Kohl's to Holt, who is rumored to be his romantic interest. But who are these individuals, and what led to this unfolding drama?
Who is Ashley Buchanan?
Ashley Buchanan, born in 1974, has had a distinguished career in retail leadership, holding significant roles at Walmart, including CMO and CEO for its e-commerce division. In 2020, he became CEO of The Michaels Companies, guiding the arts and crafts retailer through transformative changes. His appointment as Kohl's CEO in January 2025 was intended to revitalize the struggling department store chain.
Though his exact compensation at Kohl's remains unclear, reports indicate he received a signing bonus of £1.9 million (about $2.5 million), which he is now being asked to repay due to the scandal. Just four months into his role, Kohl's announced his termination for cause, citing 'violations of company policies by directing vendor transactions involving undisclosed conflicts of interest.'
Who is Chandra Holt?
Chandra Holt, aged 44, is a respected retail leader known for her influential roles at Walmart, Bed Bath & Beyond, and Conn's. Recently, she launched her innovative coffee brand, Incredibrew, which focuses on health-conscious products, including vitamins and supplements. Within just over 100 days, Incredibrew has generated over £560,000 (approximately $750,000) in sales, although her compensation details remain undisclosed.
Reports indicate that Holt played a significant role in Buchanan's brief tenure at Kohl's. Following his appointment, Buchanan allegedly awarded a multi-million-pound deal to Holt's team, raising questions about transparency and ethics. Moreover, their alleged romantic relationship has intensified the scrutiny surrounding the situation.
When asked about the controversy, Holt distanced herself, stating they had known each other for a decade but denying any financial ties to Kohl's through Incredibrew. She clarified that during her previous employment at Michaels, they were not in a romantic relationship.
How They Met and Their Careers
Buchanan and Holt's paths first crossed over a decade ago at Walmart, where they both held various roles. Buchanan spent over ten years there, progressing from unit management to senior executive positions. Holt also had a significant tenure at Walmart, leading e-commerce and merchandising before transitioning to CEO roles at Bed Bath & Beyond and Conn's. After a brief stint at Bed Bath & Beyond, Holt ventured into entrepreneurship with Incredibrew, aiming to disrupt the coffee market with protein-infused pods.
What's Next for Holt and Buchanan?
As of now, the future for both Holt and Buchanan remains uncertain. Buchanan's abrupt exit from Kohl's underscores the critical need for transparency and ethical conduct in leadership. While Holt has been entangled in Buchanan's downfall, it remains to be seen how this will impact her trajectory and the future of Incredibrew.
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