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Chandra Holt, once considered one of the most promising executives in American retail, is now at the center of a corporate scandal involving her former Walmart colleague, and reported former romantic partner, Ashley Buchanan.
Buchanan was fired this week as CEO of Kohl’s after the company accused him of engineering a vendor deal riddled with “undisclosed conflicts of interest.”
According to a filing with the US Securities and Exchange Commission, Buchanan directed Kohl’s to enter into a multimillion-dollar contract with a vendor that allegedly had “highly suspicious” and “favorable” terms. The filing did not name the vendor or the individual involved, but The Wall Street Journal identified the woman as Chandra Holt.
Holt responds
In a statement to The Journal, Holt confirmed she had known Buchanan for a decade but denied any business wrongdoing. “I’ve known Ashley Buchanan for 10 years, but I have not received any compensation for my Incredibrew business from Kohl’s,” she said.
Holt is the founder and CEO of Incredibrew, a coffee brand she launched in 2022 that claims to infuse beverages with vitamins and minerals. It remains unclear whether Incredibrew was the vendor involved in the Kohl’s deal under scrutiny.
Corporate ties and shared history
Buchanan and Holt first crossed paths at Walmart, where they worked closely before departing around the same time for other executive roles. Buchanan left in early 2020 to head arts-and-crafts giant Michaels, while Holt exited in 2021 to become CEO of Conn’s HomePlus.
Most recently, she served as CEO of Beyond, Inc, the parent company of Overstock.com and Bed Bath & Beyond, between February 2024 and June 2024.
Her impressive résumé includes leadership stints at Target, Sam’s Club, and Walgreens. She holds a Bachelor of Arts in advertising, PR, and communications from the University of Minnesota, Twin Cities, and an MBA in strategy and marketing from the Carlson School of Management.
Fallout at Kohl’s
Buchanan’s exit comes amid a challenging period for Kohl’s. The company reported a 7.2% drop in annual sales to $15.4 billion and announced plans to close more than two dozen underperforming stores. The firing triggered serious consequences: Buchanan must now forfeit all equity awards granted during his tenure and repay a prorated portion of his $2.5 million signing bonus.
While Kohl’s emphasized that the CEO’s termination had “no bearing on the company’s financial performance,” the incident adds turbulence to a company already struggling with leadership instability. Buchanan was the third CEO in as many years, following short-lived tenures by Tom Kingsbury and Michelle Gass.
What’s next for Holt?
Although no formal allegations have been made against Holt, her name is now linked to a boardroom controversy that could complicate her professional path. With her leadership record and entrepreneurial success through Incredibrew, the coming months may determine whether Holt can distance herself from the scandal or whether her past with Buchanan will cast a longer shadow.
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