Menomonee Falls, WI — The CEO of Kohl’s Corporation, Ashley Buchanan, was ousted last week over “unreported transactions” in vendor deals according to the company. The move was reportedly connected to a business deal with Chandra Holt, a former coworker of Buchanan’s, and therefore an added layer of “scandal” to the scenario.
Allegations against Former CEO
It was UPS CEO Ashley Buchanan, shepherding the company through only a few months old and then ousted after an audit committee-led investigation.
Kohl’s blames Buchanan for the violation of its policies when the CEO allowed Kohl’s to do transactions with undisclosed conflicts of interest.
Background on the Vendor and Why It Matters
What were rumored to be unannounced vendor conflicts of interest seem to have stemmed from a deal with someone who worked for Chandra Holt, the back story says. allegedly told Kohl’s to hammer out with one vendor a $25-50 million consulting contract on terms, Buchanan later told investigators and proclaimed in a deposition, “highly unusual and favorable to applicant.” Teal reports that Buchanan and Holt had a past romantic affair — which is a possible undisclosed conflict of interest. Buchanan and Holt worked at Walmart before. Chandra Holt faces allegations of being an entrepreneur and coffee brand Incredabrew that she is also the CEO of and runs some of other retail companies.
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Answer & Company’s Position
Chandra Holt in response to the reports, told muckrakers that she has known Ashley Buchanan for 10 years and has not paid any Incredabrew business from Kohl’s nor has there been foul play, as far as she was concerned. Kohl’s named Michael Bender as the company’s interim CEO following Buchanan’s resignation. It is another layer of difficulty for Kohl’s who has been in difficult mode with sagging sales and a new leadership less than a year ago.
