Chandra Holt Steps into Spotlight as Kohl’s Ousts CEO Ashley Buchanan over Vendor Controversy

US News: Ashley Buchanan, the chief executive officer of retail giant Kohl's was fired by Kohl's for allegedly improper deals with a former partner. According to a file with the SEC the former romantic partner of those "highly unusual" deals was not identified. However it was reported that the Wall Street Journal identified her as Chandra Holt in the report.

The complaint included the information that Buchanan instructed Kohl's to sign an array of "highly suspicious" deals with an entity connected to Chandra Holt. It claimed that the agreement had been "favourable" to the vendor and with whom Buchanan is believed to have "personal ties." Kohl's Chairman of the Board of Directors, Michael Bender, will serve as interim CEO of the company until it chooses a replacement for the job.

Chandra Holt is once considered one of the most promising executives in American retail outlets. She has held senior positions for Walmart, Sam's Club, Walgreens and Target among other companies. According to this WSJ article, Hold met Buchanan when both were employed at Walmart.

Buchanan quit Walmart in the year 2020. Holt left Walmart in 2021, being appointed CEO of Conn's HomePlus. On February 20, 2024, Holt became a part of Beyond, Inc. as the CEO for its Bed Bath & Beyond division. Her time there was from February 2024 to June 2024. Holt also created Incredibrew the coffee brand that was established in 2022.

More On Ashley Buchanan's Firing

Buchan's departure occurred after the company's financial report revealed an 7.2 percent drop in revenue to $15,4 billion. The company announced earlier this year that it was going to be closing more than a dozen stores in the United States, which had been judged to be to be underperforming. Buchanan will also be required to repay his incentive to sign up in the amount of $2.5 million on the basis of a prorated amount.