Ashley Buchanan, a seasoned retail executive with an extensive resume that includes leadership positions at Walmart, Sam’s Club, and The Michaels Companies, was abruptly terminated from his role as CEO of Kohl’s. His dismissal followed a corporate investigation into ethical violations, raising serious concerns about corporate governance and executive accountability at one of America’s largest department store chains.
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Who is Ashley Buchanan and What Was His Career Path Before Kohl’s?
Ashley Buchanan was born in 1974 in Mount Pleasant, Texas, and is the eldest of three children. He studied business at Baylor University, where he also played tennis on the NCAA Division I team. Buchanan earned both his Bachelor of Business Administration in finance and real estate (1996) and his MBA (1998) from Baylor’s Hankamer School of Business.
Buchanan began his career in finance at Bank of America before transitioning to consulting at Accenture from 1996 to 2004. He later worked at Dell Computers as a finance manager. His pivotal career move came in 2007 when he joined Walmart, where he spent over a decade. He climbed the ranks to become the chief merchant of Sam’s Club in 2017, and later served as executive vice president and chief merchandising officer of Walmart.com, helping to enhance the company’s e-commerce strategy.
In 2020, Buchanan became CEO of The Michaels Companies, the largest arts and crafts retail chain in North America. During his tenure, he oversaw its acquisition by Apollo Global Management, taking the company private.
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Why was Kohl’s CEO fired?
In January 2025, Buchanan was appointed CEO of Kohl’s, succeeding Tom Kingsbury. Kingsbury had led the company for two years following the departure of Michelle Gass, who left to take the helm at Levi’s. Michael J. Bender, chair of Kohl’s board, expressed high hopes at the time: “We know he will be a great leader for Kohl’s and will bring a new perspective in our next chapter.”
Given Buchanan’s robust background in retail, particularly his experience with merchandising and digital transformation, his appointment was seen as a strategic move to revitalize Kohl’s amid its financial struggles.
On April 30, 2025, Kohl’s announced the immediate termination of Buchanan “for cause” after an internal investigation led by outside legal counsel and the board’s audit committee. While the company clarified that the firing was unrelated to performance, finances, or operations, it was the result of undisclosed conflicts of interest involving vendor transactions.
According to a filing with the U.S. Securities and Exchange Commission (SEC), Buchanan directed Kohl’s to engage in business dealings under “highly unusual terms favorable to the vendor.” These transactions involved a woman with whom Buchanan had a romantic relationship—identified by The Wall Street Journal as Chandra Holt.
One particularly contentious point was a multimillion-dollar consulting agreement between Kohl’s and a firm where Holt was a team member. The company stated that Buchanan failed to disclose this personal relationship as required by Kohl’s code of ethics. The result was a breach that the board considered serious enough to warrant immediate dismissal.
Who is Chandra Holt?
Chandra Holt, identified as the woman at the center of the controversy, was associated with the consulting firm Boston Consulting Group (BCG). Following revelations of her relationship with Buchanan, BCG terminated her contract. In a statement to The Milwaukee Journal Sentinel, BCG said: “BCG was shocked to learn of the relationship between Chandra Holt and Ashley Buchanan. We have strict guidelines for our senior advisors to disclose any conflicts of interest.”
The fact that Buchanan committed Kohl’s to work with a firm that employed his romantic partner—on terms described as highly favorable to the vendor—raised significant red flags for the board and external auditors.
What Is the Current State of Kohl’s After Buchanan’s Exit?
Kohl’s, ranked No. 235 on the Fortune 500 list, has been experiencing mounting difficulties, including 12 consecutive quarters of revenue decline. Store brand appeal has waned, and the company faces fierce competition from retailers like Amazon, Target, Walmart, and Dick’s Sporting Goods. In response to poor performance, Kohl’s has already initiated store closures and workforce reductions.
Following Buchanan’s termination, board chair Michael Bender has stepped in as interim CEO. Bender brings considerable retail experience, having previously served as president and CEO of Eyemart Express and chief operating officer for Walmart’s global e-commerce unit. The board has launched a formal search for a permanent CEO to lead the company through its current turbulence.
