Kohl’s CEO Fired Over Secret Business Deal Involving Romantic Partner

In a dramatic shake-up at one of America’s largest department store chains, Kohl’s has terminated CEO Ashley Buchanan after an internal investigation revealed he attempted to steer a multimillion-dollar business deal toward a romantic partner. The probe uncovered a serious conflict of interest, violating corporate governance standards and sending shockwaves through the retail industry. According to sources close to the matter, Ashley Buchanan was found to have pushed the retailer into a “highly unusual” contract involving Chandra Holt, a former retail executive with whom he shares personal and professional ties. The two currently reside in an upscale golf community in suburban Dallas, raising concerns about the overlap between their personal relationship and business dealings.

The Kohl’s board acted swiftly, announcing Ashley Buchanan’s termination on Thursday following the investigation’s findings. The company has not officially named Chandra Holt in public statements, but individuals familiar with the case confirmed her identity. Details about the specific nature of the contract remain undisclosed, but sources described it as a significant financial arrangement that was not subject to Kohl’s usual vetting processes.

This isn’t the first time Ashley Buchanan and Chandra Holt’s paths have crossed professionally. Both have held high-ranking positions in the retail world—Buchanan previously worked at Walmart before taking the helm at Kohl’s in 2020, while Holt held executive roles at Walmart and, more recently, served as CEO of Conn’s HomePlus. Their longstanding connection has become the centrepiece of a corporate scandal threatening to damage Kohl’s already delicate standing in a challenging retail environment.

Investors and analysts are mounting pressure on Kohl, questioning its strategic direction and performance under Ashley Buchanan’s leadership. The company’s results have been mixed since the now-former CEO was brought in to revitalise the brand and compete more aggressively with e-commerce giants. The latest controversy is expected to intensify scrutiny over how the company is being run and whether further changes to leadership and oversight are necessary.

In a statement, Kohl’s acknowledged the leadership change but did not specify the reasons for Buchanan’s dismissal, citing internal policy. “We are committed to the highest standards of integrity and transparency in all aspects of our business,” the company said. “Our leadership team remains focused on executing our strategy and driving value for our customers and shareholders.”

The board has appointed an interim CEO while it searches for a permanent replacement. Meanwhile, corporate governance experts say this incident underscores the importance of clear conflict-of-interest policies and the risks that arise when personal relationships blur professional boundaries.

The fallout from Buchanan’s firing will likely continue to unfold in the coming weeks, as stakeholders demand further transparency and details around the deal in question. With the retail landscape as competitive as ever, Kohl’s now faces the dual challenge of restoring internal trust while keeping pace with rapidly evolving consumer trends.

This high-profile departure is a stark reminder that personal entanglements can carry a steep professional cost in corporate America.