It had everything: power, secrecy, millions of dollars, and a relationship that was never disclosed, until it all fell apart.
Ashley Buchanan, CEO of Kohl’s for just 100 days, was fired in May 2025 after a workplace investigation uncovered he had steered a multimillion-dollar consulting deal to a company connected to a romantic partner, without disclosing the relationship.
This was a long-running, deeply intertwined personal and professional entanglement that spanned three companies, multiple leadership roles, and years of secrecy.
And it was only uncovered after the board brought in outside investigators.
This is a case study on how ethical lapses, if left unchecked, can metastasize, and how the right investigative response can stop the damage before it spreads.
A Secret That Spanned Walmart, Michaels, and Kohl’s
This was not a one-off lapse.
Ashley Buchanan, 51, and Chandra Holt, 45, first met at Walmart in 2015. Both were rising in the retail world. Buchanan held leadership roles, and Holt, who would go on to lead companies like Conn’s and Bed Bath & Beyond, was seen as a strategic operator. They worked closely, and colleagues noticed they were growing close, too close.
They lived in the same exclusive Arkansas country club community. Buchanan was married, with three daughters. Holt was married, with a young daughter. Then they weren’t.
Divorce filings surfaced. Quiet dinners continued. The two families started spending time together, raising eyebrows among coworkers and neighbors alike. Rumors swirled. Still, nothing was said publicly.
They followed each other’s careers. They recommended each other’s people for roles. Holt reportedly helped hire executives from Buchanan’s network. When Buchanan moved to Michaels as CEO, Holt’s coffee company “Incredibrew” conveniently found its way into stores, despite Michaels having no grocery section.
Then came Kohl’s. Then came the consulting deal with Boston Consulting Group, where Holt was working as a senior adviser. Then came the “highly unusual terms,” worth millions of dollars.
The relationship never stopped. The disclosures never happened. The hidden conflict never saw daylight, until the Kohl’s board’s audit committee brought in outside experts to do a workplace investigation.
What Happened And How the Hidden Conflict Unraveled
When Ashley Buchanan became CEO of Kohl’s in January 2025. By April, the board had launched an internal investigation, and by May, he was fired for cause.
The issue? Buchanan had steered the company into a consulting deal with a firm connected to a woman he’d had a romantic relationship with for years, and never disclosed it.
Specifically:
- Buchanan directed Kohl’s to sign a multi-million dollar agreement with a consulting team that included his long-term partner, Chandra Holt.
- He failed to disclose their personal relationship, as required by Kohl’s code of ethics and corporate policy.
- The deal included “highly unusual terms” that were favorable to the vendor, according to SEC filings.
- At all three companies, Walmart, Michaels, and Kohl’s, there were conflicts of interest that were never reported.
Once outside investigators were brought in, the scope became clear. Buchanan’s failure to disclose was a long-running pattern, built on closeness, concealment, and contract decisions that crossed ethical lines.
The Result of the Workplace Investigation?
- Buchanan was terminated for cause.
- He was forced to forfeit all equity awards and repay his $2.5M signing bonus on a pro-rated basis.
- His nomination for board director was withdrawn.
- Kohl’s was thrust into leadership turmoil, during a year when it was already closing stores, laying off staff, and fighting to regain customer trust.
What This Means for Leadership Teams Everywhere
What this case shows is:
- Red flags don’t surface on their own — they require systems, listening, and outside eyes to be seen clearly.
- Leadership risk is organizational risk — especially when ethics are quietly bypassed at the top.
- Waiting too long doesn’t just hurt performance. It erodes culture and destroys trust.
When boards, general counsel, or HR teams hesitate, delay and/or turn their heads the other way, situations like this become harder to contain. Early action, led by experienced investigators, is what prevents headlines, lawsuits, and long-term reputational damage.
How Workplace Investigations Contain and Prevent Hidden Conflicts
Outside investigations are often the difference between:
- Quiet damage vs. full-blown crisis
- Protecting brand trust vs. losing public confidence
- Preventing harm vs. scrambling to contain it
When you bring in professionals, you get:
- Structured documentation of findings
- Neutral fact-finding and pattern recognition
- Defensible action plans and legal alignment
Because as we’ve seen here, by the time everyone else knows what happened, it’s too late.
But when you act early, you can contain the damage, protect your people, and send a message that leadership is watching.
When You’re Ready We Can Help, Here’s How It Works
- You reach out. We listen to the situation, the rumors, and what brought you here.
- We assess. You get clarity on the risks, the red flags, and the options.
- You get a plan. Fast. Quiet. Defensible. Tailored to your legal and operational needs.
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About TAL Global
TAL Global is an international security consulting and risk management firm with over 25 years of proven experience. We protect people, places, assets, and logistics in an increasingly complex and connected world.
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