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   From: dei@fired.com   
      
   Kohl’s has fired CEO Ashley Buchanan after an investigation found he told   
   the company to enter two business deals involving a romantic partner,   
   according to a report.   
      
   Buchanan, who took on the position in January, was fired Wednesday after   
   an investigation found he directed Kohl’s to enter a “highly unusual”   
   business deal with a company whose founder he had personal ties to, SEC   
   filings indicate. The terms of that business deal were “favorable” to the   
   vendor, the filings state.   
      
   He also entered Kohl’s into a “multi-million dollar” consulting agreement   
   with a team that the individual was part of, the filings indicate. He then   
   failed to disclose that personal relationship to Kohl’s, violating the   
   company’s code of ethics.   
      
   The filing did not identify the founder and consultant. But, The Wall   
   Street Journal reports her name is Chandra Holt and the two had a romantic   
   relationship.   
      
   Buchanan and Holt met while they were both working at Walmart, according   
   to the Journal.   
      
   Buchanan left Walmart in 2020 to serve as CEO of Michaels, while Holt left   
   in 2021 to serve as CEO of Bed Bath and Beyond. She later became a   
   consultant and founded Incredibrew, a coffee brand containing vitamins and   
   minerals.   
      
   Buchanan reshared one of Holt’s posts advertising the product on LinkedIn   
   earlier this year.   
      
   In addition to leaving his post, Buchanan must now forfeit all equity   
   awards from Kohl’s. He also has to reimburse the company on a prorated   
   basis for his $2.5 million signing bonus.   
      
   Kohl’s Chair of the Board Michael Bender will now serve as interim CEO.   
      
   This comes after Kohl’s announced it will be closing more than two dozen   
   “underperforming stores” this year. The company closed 15 of these stores   
   at the end of March, and will also shutter its San Bernardino E-commerce   
   Fulfillment Center this month.   
      
   Kohl’s 2024 financial report showed a 7.2 percent decrease in net sales to   
   $15.4 billion. In addition, Kohl’s comparable sales dropped by 6.5   
   percent.   
      
   “We have identified key areas of focus and are taking action in 2025 to   
   reposition Kohl’s for future success,” Buchanan said earlier this year.   
   “Our customers expect great product, great value, and a great experience   
   from Kohl’s. I am confident that the areas we identified will deliver on   
   what customers want and expect from Kohl’s.”   
      
   The Independent has contacted Buchanan and Holt for comment.   
      
   https://www.msn.com/en-us/money/companies/kohl-s-ceo-fired-after-making-   
   highly-unusual-business-deals-with-his-romantic-partner-report-says/ar-   
   AA1E03gr   
      
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