A coffee entrepreneur's success story turned into a high-profile corporate scandal, shaking the foundations of a major retailer. Chandra Holt, known for her coffee brand Incredibrew, was celebrating her company's first days of growth. Suddenly, news broke that the CEO of Kohl's, Ashley Buchanan, had been dismissed amid allegations of undisclosed personal conflicts involving Holt's company.
Kohl's says that their now former CEO was funneling business to an unnamed romantic flame of his, and that this flame was Chandra Holt. What really happened here, and what went wrong?
READ MORE: Quick Facts About Chandra Holt and Ashley Buchanan: How They Met, Careers and More
The Sudden Shift from Celebration to Crisis
Holt was relishing the milestone of her coffee brand's early success. In January, Incredibrew was making headlines for launching a 'health conscious coffee'. In April, the brand hit their 100-day-mark, taking strides towards their early goals and making well over £560,000 in sales. In a LinkedIn post, she wrote 'We set ambitious goals for the year and have made remarkable progress in these initial 100 days, paving the way to achieving and surpassing our targets.'
However, only 1 week later, retail giant Kohl's announced the firing of its CEO, Buchanan, citing breaches of company policy. Suddenly, headlines were linking her name to his, drawing attention to her and her business in all the wrong ways. The timing was almost unreal—a contrast from Holt's moment of pride to headlines detailing a scandal involving one of America's most recognisable department stores.
Buchanan's departure was linked to an investigation saying that he had violated Kohl's ethics code. The company's board discovered that Buchanan had directed Kohl's to enter into a multimillion-pound consulting deal with a woman with whom he had a personal relationship— Holt. The deal was described as 'highly unusual' and was part of a number of undisclosed conflicts of interest, leading to his termination from the company.
How are Buchanan & Holt Tied to each other
Buchanan's ties with Holt stretched back over ten years, having first crossed paths at Walmart, where both worked for several years. Their personal relationship reportedly continued into Buchanan's time as CEO of Michaels from 2020 until his move to Kohl's in January 2024. Court documents from his divorce proceedings in Texas documented the romantic relationship, which they had tried to keep under wraps.
Holt, who has built her reputation as a serious businesswoman and is now CEO of her own coffee brand, Incredibrew, is seemingly publicly distancing herself from the scandal. 'I've known Ashley Buchanan for 10 years, but I have not received any compensation for my Incredibrew business from Kohl's,' she explained. She also clarified that she was not involved in any romantic relationship with Buchanan at the time she was approached by a recruiting firm, nor did she join Michaels.
What Comes Next?
Following his exit, Buchanan was ordered to surrender all equity awards and reimburse Kohl's a signing bonus worth £1.8 million (approximately $2.5 million). The board appointed Michael Bender as interim CEO, marking yet another change in leadership at a company that has struggled with declining sales and store closures.
In the meeting held shortly after the announcement, Bender acknowledged the abrupt leadership change, emphasising that the decision was made 'for the good of the company'. There were no detailed explanations offered, leaving staff and shareholders to piece together the broader story.
The fallout from Buchanan's actions shows us the importance of transparency and strict adherence to ethical policies, especially for executives in senior roles. While Holt's coffee business remains independent, the scandal has cast a spotlight on her as an associate of Buchanan—despite her insistence that there was no ongoing relationship and no involvement in the misconduct.
