Who will be released Kohl's CEO Ashley Buchanan? Scandal explained

When was the last time you thought about Kohl? If it was a minute ago, there is a compelling reason to start again: the CEO has just been released because he led his girlfriend's vitamin-infected coffee company. Per The Wall Street JournalAshley Buchanan spent too many business qualifications for four months as CEO with his girlfriend, the founder of a coffee brand called Incredibrew. Big box drama caught!

On Thursday, Kohls announced in a press release that Buchanan, who was appointed CEO role less than four months ago, ended “for reasons of the matter”. The board said that Buchanan “violated the company guidelines” by having Kohls “to carry out provider transactions, the non -mentioned conflicts of interest”.

In a securities and Exchange Commission that was submitted at the beginning of the week, Kohl's Buchanan said, “ordered that the company did business with a person founded by a person with which Mr. Buchanan has a personal relationship”. The deal was “concluded for very unusual terms that are cheap for the seller”, the registration states, and Buchanan could not prove their personal relationship “as required after the company's ethics code”.

This “personal relationship” after that WsjWas with a woman named Chandra Holt, the founder and CEO of Incredibrew, a brand of vitamin and mineral-infused coffee. Buchanan and Holt are said to have met a few years ago when they both worked at Walmart. It is unclear when they set up a romantic relationship for the first time, but at some point they were at Buchanan as CEO of the supply chain of Arts-and-Crafts Michaels, which started and ended in 2020 when he came to Kohls. According to the divorce procedure received WsjBuchanan tried to rent Holt while he was in Michaels, but she did not enter the company.

When he became Kohl's CEO, Buchanan seemed to do business with his girlfriend for some time. It is unclear how exactly her “extremely unusual” business agreement went with it, but the SEC registration from Kohl described a “multimillion dollar consulting contract” in which Buchanan had the company entered. (For those who pursue themselves, this is tens of thousands in Kohl's money.)

Holt, who allegedly still lives with Buchanan in an “upscale golf community in the suburbs of Dallas”, denied, in a relationship with him in Michaels in a statement before Michaels to have been in a relationship magazine. She also contested misconduct in connection with the Kohl scandal and explained that she has been “known as Ashley Buchanan for 10 years, but I have not received any compensation for my incredible business from Kohls”. (Buchanan refused to comment on WsjAnd did not immediately answer the cut to a request for a comment.)

After the scandal, Kohl's appointed board director Michael Bender as Interim CEO. We hope that he doesn't have a friend of Protein-Tea-Hawking.