From Corner Office to Corporate Crisis: A Meteoric Fall at Kohl’s

With years of executive experience at Walmart and a recent tenure as CEO of Michaels, Ashley Buchanan seemed like the ideal leader to revitalize Kohl’s at a time of declining sales, intensifying competition, and strategic drift. But instead of delivering a turnaround, he became the center of a corporate scandal. During his first 100 days as CEO, Buchanan quietly facilitated two business deals involving his longtime romantic partner, Chandra Holt. When a whistleblower raised concerns, the Board launched an investigation. On May 1, 2025, Kohl’s announced Buchanan was terminated for cause due to an undisclosed conflict of interest. That very same morning, the Wall Street Journal’s headline left little to the imagination: “Kohl’s CEO Fired for Funneling Business to Romantic Partner.” The Board now found itself in damage-control mode—racing to assure shareholders of Kohl’s stability, rebuild trust within the organization, and justify its oversight of Buchanan’s vetting process.