- By Supratik Das
- Fri, 02 May 2025 05:18 PM (IST)
- Source:JND
In a sudden corporate shakeup, Kohl's Corporation has fired CEO Ashley Buchanan after being revealed. He was exposed of steering business transactions to a firm established by Chandra Holt, a retail executive and former romantic partner. The company announced Buchanan’s termination in a regulatory filing, citing “highly unusual terms” in a deal with a business partner who was personally connected to him.
According to a report by The Wall Street Journal, Buchanan awarded a multimillion-dollar consulting contract to a team that included Holt and later pushed Kohl’s to strike a separate business deal with Incredibrew, Holt’s newly launched coffee company. These actions violated Kohl’s code of ethics, which requires disclosure of any personal relationships that may pose a conflict of interest.
Who is Chandra Holt? A Look at the Retail Executive's Career Trajectory
Chandra Holt is a veteran retail executive who worked her way up at Walmart, where she first met Ashley Buchanan, as reported by The Wall Street Journal. The two allegedly became close friends while both served in top positions at the retail giant. Buchanan went on to head Michael's in 2020 before becoming CEO of Kohl's, while Holt became head of Conn's HomePlus in 2021. In early 2024, Holt held an interim role as CEO of Bed Bath & Beyond, which had been taken over by Overstock after it filed for bankruptcy.
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After leaving Bed Bath & Beyond, Holt introduced a wellness-enhanced coffee business named Incredibrew in January 2025. Incredibrew is a wellness-focused coffee brand offering pods infused with protein, vitamins, collagen, or melatonin. Just two days before Buchanan’s firing, Holt posted on LinkedIn with the news of her being appointed as Executive Chairwoman of Jonas Brothers Ventures, a business venture supported by the pop group famous for their investments in lifestyle and wellness brands such as Olipop. After that, the Journal Sentinel reported the LinkedIn post announcing this, however, was quickly removed, and the authenticity of the Jonas Brothers partnership is uncertain.
Retail Industry Responds To Corporate Scandal
Buchanan, who was hailed as the “ideal candidate” when appointed in January, lasted less than four months in the role. Kohl's revealed Buchanan forced through a commercial transaction on "extremely unusual terms" between Holt's Incredibrew brand and subsequently gave a multimillion-dollar consulting contract to a group with her on board. All of this was done without the required disclosure to the board, and it broke Kohl's code of ethics. After the scandal came to light, Holt's employer, Boston Consulting Group, also severed relations with her. "We have strict disclosure requirements for our senior advisors to provide notice of any conflicts of interest," a BCG spokesperson said to the Journal Sentinel. "Due to this failure to disclose, we've ended Chandra Holt's contract."
