Former Kohl’s CEO Fired Over Secret Affair, $2.5M Ethics Breach

Former Kohl's CEO Ashley Buchanan was fired after an investigation revealed he secretly brokered favorable business deals with his mistress, Chandra Holt, founder of the coffee startup Incredibrew, whose products were sold at Kohl's. Both Buchanan and Holt, who previously worked at Walmart and other major retailers, kept their romantic relationship hidden from corporate leadership across three companies for years, despite conflicts of interest requiring disclosure. The relationship, which began around 2015 and led to both filing for divorce from their spouses in 2020, culminated in Buchanan's attempt to hire Holt for a senior position without disclosing their affair. Kohl's Chairman Michael Bender, who had known both executives from Walmart days, only learned of the relationship shortly before Buchanan's termination, after which Buchanan forfeited all equity awards and repaid $2.5 million to the company. The scandal exposed a significant breach of corporate ethics and governance, highlighting the risks of undisclosed personal relationships influencing business decisions in the retail industry.