CEO Ashley Buchanan FIRED: The Explosive Scandal That Toppled Kohl’s Powerhouse Leader

 

When a high-flying executive crashes, the ripple effects resound beyond boardrooms. Ashley Buchanan's sudden firing as CEO of Kohl's was not merely a change in leadership — it was a corporate bombshell. Initially, it seemed Buchanan was set to guide Kohl's into a new era. Instead, the same strategy that had propelled him ended up bringing him down in spectacular fashion.

This isn't another unremarkable executive departure. This is a story about secret relationships, high-risk deals, and the type of boardroom treachery that headlines are written about. And Blogfuel is going to take it to pieces.

The Rise of a Corporate Star

Ashley Buchanan was more than just another suit-wearing executive. His résumé was a blueprint of contemporary retail success. Beginning with finance and business degrees from Baylor University, Buchanan spent his early career at giants such as Bank of America, Accenture, and Dell before arriving at Walmart — where he would spend over a decade redefining retail strategy.

At Walmart, he rose through the ranks to Chief Merchant for Sam's Club, then Executive VP of Walmart U.S. eCommerce. Calm and laser-focused on digital innovation, Buchanan earned a reputation as a change agent. He wasn't flashy — he was efficient, smart, and strategic.

In 2020, he became CEO at Michaels Companies, where he drove profitable online growth and accelerated investor optimism. His name became equated with turnarounds. That triumph laid the ground for his huge leap: Kohl's CEO in January 2025.

Kohl's Needed a Savior

Kohl's was in distress. Revenues were down, e-commerce growth was slow, and its reputation as a department store was in question. The board required a radical — a man with digital know-how and operational rigor.

Ashley Buchanan looked the part. When he arrived, investor confidence edged up. Workers were optimistic. Coverage portrayed him as an upender who could give the old retail chain new life.

But beneath the glossy press releases and choreographed photo opportunities, something was simmering — a secret that would destroy his reputation and rock the foundations of the firm.

The Secret Deal That Changed Everything

Behind the scenes, Buchanan approved a high-priced consulting deal for millions of dollars — with a firm affiliated with a past lover: Chandra Holt. Not only was the romance not disclosed, but the agreement also featured unusually sweet terms for the contractor.

Kohl's in-house investigators highlighted the transaction as suspicious. The conditions raised suspicions — too much, too soon, and far too intimate when investigators made the connections, the tale transformed from suspicious to scandalous.

What started as a review of a contract blew up into an in-house ethics investigation. The result? Catastrophic.

The Immediate Fallout

The instant the board heard the results, the reaction was immediate and absolute: Ashley Buchanan was fired "for cause." His board of directors nomination was withdrawn. His multimillion-dollar equity incentive package? Canceled. And he was forced to repay some of his $2.5 million signing bonus.

The official reason cited was "ethics violations" and "failure to disclose a conflict of interest." But Blogfuel was told by insiders that the board had lost confidence completely. "This wasn't just an error," said one confidential source. "It was a breach of everything the board had come to expect of its CEO."

Wall Street Cheers the Ouster

In a dramatic turn, the markets responded not with fear — but with cheers. Kohl's shares rose almost 10% in the hours after the news. Investors appeared to be relieved, even buoyant. The message was clear: Kohl's had nipped the rot in the bud before it had a chance to infect further.

Experts complimented the board for acting swiftly. "This is what good governance looks like," said one investment strategist to Blogfuel. "The company's taking ethics seriously — and the market is rewarding that."

What Was He Thinking?

Why would a veteran executive, with decades of achievement and millions in pay, toss it all aside?

Some say it was arrogance — the belief that he wouldn’t get caught. Others suggest he genuinely thought he could keep his personal and professional lives separate. Whatever the motive, Buchanan's miscalculation destroyed his credibility in one of the most public ways possible.

It’s a brutal reminder: even at the top, no one is above the rules.

Who Is Chandra Holt — And Why Does She Matter?

Holt, who once served as a Sam's Club executive and brief stint as CEO of Conn's HomePlus, had retail credentials of her own. Her relationship with Buchanan went back years — and was no secret to anyone in the industry that the two were formerly dating.

That's why the undisclosed consulting agreement was so shocking.

Kohl's did not accuse Holt of wrongdoing. But the politics of the transaction were poisonous. In a post-MeToo business environment, even the perception of impropriety can be deadly.

Inside the Kohl's Boardroom: Crisis Management Mode

Sources within the company indicate that the board was "blindsided" by the scandal. Some were skeptical of Buchanan's appointment from the beginning. His relatively brief tenures at previous companies raised questions — but his success muzzled critics.

Now, those doubts appear prophetic.

Interim CEO Michael Bender, a veteran board member and ex-Walmart executive, is at the helm. The company maintains it's "fully committed" to its turnaround plan. Morale, however, is at an all-time low, and the fate of the brand hangs in the balance.

Can Kohl's Bounce Back?

The short answer hinges on two factors:

• Leadership Stability: Bender's interim status should instill confidence while the board looks for a full-time replacement. Investors demand clarity and leadership — and pronto.
• Cultural Clean-up: In addition to strategy, Kohl's has to fix its internal culture. Employees feel betrayed. Customers feel perplexed. The company needs to double down on ethics and transparency to restore trust.

Blogfuel's Take: A Modern Corporate Tragedy

At its surface, this is a tale of one man's downfall. But beneath that, it tells us about a deeper conflict in corporate America — the conflict between unbridled executive power and ethical responsibility.

Ashley Buchanan was a genius, no question. But genius without integrity is a recipe for catastrophe. His departure is a master class in how fast reputations can fall — and how important ethical leadership has become in the modern business landscape.

What Happens to Ashley Buchanan Now?

Industry analysts suggest Buchanan's career is not necessarily finished — but it's on life support. Few public companies will chance a CEO who got the boot for ethics infractions. Unless he enters a public battle on his own behalf or stages a comeback through private business, this could be the last we see of him for some time.

Redemption tales are not unknown, though, in corporate America. Time will tell.

Final Thoughts: A Wake-Up Call for Executives Everywhere

Ultimately, Buchanan's fall was not about cash, strategy, or results. It was about trust — and the quiet influence it wields.

At Blogfuel, we think stories like these are important because they remind us what leadership should be like: open, accountable, and ethical to its very core.

For Kohl's, the road ahead is bumpy, but not insurmountable. The question is really — will the company take this opportunity to reinvent itself not only in product but in precept?

The answer remains to be seen. 

By Blogfuel — your source of corporate deep dives, boardroom intrigue, and business realities that cut through the hype.