Buchanan and Holt
Buchanan and Holt

Retail giant Kohl's has dismissed its new CEO, Ashley Buchanan, less than five months after his appointment, pointing towards serious breaches of conduct.

This comes just a week after Chandra Holt, a renowned retail figure, celebrated her latest venture into the coffee industry. Buchanan was allegedly funneling business from Kohl's to Holt, an alleged romantic interest of his. But just who are they, and what do we know about them?

READ MORE: How Chandra Holt's 'Ambitious Goals' for Incredibrew Led to the Ousting of Kohl's CEO

Who is Ashley Buchanan?

Ashley Buchanan, born in 1974, has built a notable career in retail leadership. He has held top roles at Walmart, including CMO and CEO for its e-commerce arm. In 2020, he became CEO of The Michaels Companies, helping to steer the arts and crafts retailer through a period of change. His appointment as Kohl's CEO in January 2025 was seen as an attempt to turn around the struggling department store chain.

It's unclear what his compensation package looked like at Kohl's, but he is reported to have received a signing bonus worth £1.9 million (approximately $2.5 million) at the beginning of his time there – an amount that he is now being asked to reimburse as a result of the controversy. Less than four months after he took the helm, Kohl's announced his termination for cause, saying it was due to 'violations of company policies by directing vendor transactions involving undisclosed conflicts of interest.'

Who is Chandra Holt?

Chandra Holt, aged 44, is a respected figure in retail circles, known for her leading roles at Walmart, Bed Bath & Beyond, and Conn's. She recently launched her own innovative coffee brand, Incredibrew, celebrating its debut just over 100 days ago. Incredibrew started making headlines in January as a health-focused, health-conscious brand, including ingredients such as vitamins, minerals, and supplements. In a similar manner, majority of Holt's career has been marked by innovation in e-commerce and merchandising, supported by an MBA from the University of Minnesota.

As head of Incredibrew, they have made well over £560,000 (around $750,000) in sales in less than 3 months, though it is unclear how that reflects in her compensation package.

It is now reported that Holt played a significant role in Buchanan's brief tenure at Kohl's. According to the Wall Street Journal, Buchanan awarded a multi-million-pound deal to Holt's team shortly after taking his position. The same report suggests that Holt was involved in facilitating vendor transactions under 'highly unusual terms,' raising eyebrows over transparency and ethics. Furthermore, Holt is said to be the 'romantic partner' of Buchanan, a detail that has added fuel to the controversy.

However, when confronted about this, Holt appeared to publicly distance herself from the controversy. She definitively stated that while they'd known each other for a decade, she had never received compensation from Kohl's on behalf of her Incredibrew business. She also clarified that, during his time at Michaels when a recruitment agency had attempted to recruit her, they had not been in a romantic relationship.

How They Met and Their Careers

Their professional paths crossed over a decade ago at Walmart, where both worked in different capacities. Buchanan's time there lasted over a decade, where he moved from managing units to senior executive roles. Holt's time at Walmart was also significant, with leading roles in e-commerce and merchandising before moving on to CEO positions at Bed Bath & Beyond and Conn's.

After her brief period at Bed Bath & Beyond, Holt stepped into entrepreneurship with Incredibrew, aiming to disrupt the coffee market with protein-infused pods. It's clear that Holt has had a career marked by innovation but has now been thrust into controversy.

What's Next for Holt and Buchanan?

For now, the future looks uncertain for the pair. Buchanan's untimely exit from Kohl's has emphasised the importance of transparency and ethical conduct in ethical leadership. Although Holt has been implicated in Buchanan's fall from grace, it is not clear yet how this will affect her and her future at Incredibrew.

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