Ashley Buchanan just got the corporate boot — and this exit’s messier than a Real Housewives reunion.
Sources say the now former CEO of Kohl’s was canned for cause after getting cozy with an ex–retail exec, Chandra Holt — and then slipping her business some very sweet deals behind closed doors.
We’re talking multimillion-dollar consulting contracts. No one’s saying he sent her flowers, but he definitely sent her cash.
According to AP News, Buchanan failed to disclose his romantic past with Holt while greenlighting vendor deals with her company, Incredibrew. Yep, that’s the same Chandra Holt who worked with him back at Walmart. Small world — bad judgment.
Kohl’s internal probe, led by the board and external lawyers, dug up receipts. The deals? Labeled “highly unusual.” Translation: Way too generous.
Kohl’s wasn’t amused. They yanked his CEO title, ripped away all his stock goodies, and even demanded part of his $2.5 million signing bonus back. That’s not just a pink slip — that’s a financial detox.
Michael Bender, board chairman, has stepped in as interim CEO while they look for someone less, um… conflicted.
And while Kohl’s was cleaning house, Wall Street was popping confetti. The stock jumped nearly 10% after the news. Savage but true — the market likes a scandal with a happy ending.
Incredibrew? Still brewing… but Holt just got dropped from her role at Boston Consulting Group after failing to flag the conflict too. Corporate karma came quick.
So yeah — in the world of retail giants, love and contracts just don’t mix. Especially if you forget to tell your board about both.
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