Chandra Holt, a prominent figure in American retail, finds herself embroiled in a significant corporate scandal involving her former colleague and reported romantic partner, Ashley Buchanan. Once regarded as a rising star in the industry, Holt's reputation is now under scrutiny following Buchanan's recent termination as CEO of Kohl’s.
This week, Ashley Buchanan was dismissed from his role at Kohl's amid allegations of orchestrating a vendor deal that was fraught with “undisclosed conflicts of interest.” A crucial filing with the US Securities and Exchange Commission revealed that Buchanan was responsible for directing Kohl’s to enter a multimillion-dollar contract with a vendor that was labeled as having “highly suspicious” and “favorable” terms. While the filing did not disclose the vendor's identity or the individual involved, The Wall Street Journal has reported that the woman associated with this deal is none other than Chandra Holt.
In light of these serious accusations, Chandra Holt issued a statement to The Wall Street Journal, clarifying her relationship with Buchanan. “I’ve known Ashley Buchanan for 10 years, but I have not received any compensation for my Incredibrew business from Kohl’s,” she asserted. Holt is the founder and CEO of Incredibrew, a coffee brand launched in 2022 that claims to enhance beverages with essential vitamins and minerals. The connection between Incredibrew and the vendor involved in the Kohl’s deal remains uncertain.
Ashley Buchanan and Chandra Holt first collaborated at Walmart, where they held key positions before both transitioned to new executive roles. Buchanan departed in early 2020 to lead Michaels, while Holt followed in 2021 as CEO of Conn’s HomePlus. Most recently, she held the position of CEO at Beyond, Inc., the parent company of Overstock.com and Bed Bath & Beyond, from February to June 2024. Her extensive resume also includes leadership roles at Target, Sam’s Club, and Walgreens. Holt earned her Bachelor of Arts in advertising, PR, and communications from the University of Minnesota, Twin Cities, and an MBA in strategy and marketing from the Carlson School of Management.
Buchanan’s termination comes during a tumultuous time for Kohl’s. The company recently reported a 7.2% decline in annual sales, totaling $15.4 billion, and has announced plans to close over two dozen underperforming stores. Following his firing, Buchanan faces significant repercussions, including the forfeiture of all equity awards granted during his tenure and the repayment of a prorated portion of his $2.5 million signing bonus. Although Kohl’s stated that the CEO’s dismissal had “no bearing on the company’s financial performance,” it adds to the instability of a company that has already seen three CEOs in three years, with previous leaders Tom Kingsbury and Michelle Gass having short tenures.
While no formal allegations have been made against Chandra Holt, her name is now intertwined with a significant boardroom controversy that could impact her future in the corporate world. Given her successful track record and entrepreneurial achievements with Incredibrew, the upcoming months will be pivotal in determining whether Holt can separate herself from the scandal or if her association with Buchanan will continue to overshadow her career.
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