Kohl’s terminated CEO Ashley Buchanan after just four months in the role due to undisclosed conflicts of interest involving his girlfriend’s company, Incredibrew. The Wall Street Journal reported that Buchanan directed Kohl’s to engage in multimillion-dollar transactions with Incredibrew, a vitamin-infused coffee brand founded by his girlfriend, Chandra Holt. These deals were made on terms highly favorable to the vendor without disclosing his personal relationship as required by Kohl’s Code of Ethics.
Buchanan and Holt reportedly met while working at Walmart and maintained a romantic relationship during Buchanan’s tenure as CEO of Michaels. Although Holt denied receiving any compensation from Kohl’s for Incredibrew, the SEC filing indicates a multimillion-dollar consulting agreement was entered under Buchanan’s direction.
In response to the scandal, Kohl’s appointed board director Michael Bender as interim CEO. This incident highlights the importance of transparency and ethical conduct in corporate leadership.
— new from thecut.com
