CEO Ashley Buchanan's Scandal: How Incredibrew and Chandra Holt Sparked Kohl’s Leadership Crisis

A brewing success story collided with corporate controversy when CEO Ashley Buchanan of Kohl’s was removed from his position following a scandal involving coffee entrepreneur Chandra Holt. What began as a promising chapter for Holt’s brand, Incredibrew, quickly turned into a media frenzy when it was revealed that Buchanan had been involved in undisclosed personal dealings with Holt dealings that allegedly violated corporate ethics at Kohl’s.

The Rise of Incredibrew and the Fall of a CEO

Chandra Holt was making waves with Incredibrew, a startup coffee brand that positioned itself as a health-conscious alternative in the competitive beverage market. By April 2025, Incredibrew had celebrated its 100-day milestone with over £560,000 in sales, attracting attention in business circles for its rapid growth. Just a week after this milestone, the headlines took a sharp turn. CEO Ashley Buchanan was abruptly fired from Kohl’s following an internal investigation. The investigation alleged that Buchanan had engaged in an undisclosed personal relationship with Holt while arranging a multimillion-pound consulting deal between her and Kohl’s—a serious breach of the company’s ethics policy.

The Unraveling of a Hidden Relationship

The board at Kohl’s announced Buchanan’s termination citing violations of trust, policy, and ethics. At the center of the controversy was the claim that CEO Ashley Buchanan had bypassed standard procedures and failed to disclose a conflict of interest. The deal he pushed through with Holt’s company was labeled “highly unusual” and lacking proper due diligence. Court documents from Buchanan’s divorce proceedings in Texas confirmed a longstanding personal relationship with Holt, dating back over a decade to their time working together at Walmart. Although both parties denied any ongoing romantic involvement during the deal-making period, the connection was enough for Kohl’s to take decisive action.

Chandra Holt Responds to the Allegations

Holt, now the public face of Incredibrew, moved swiftly to distance herself from the controversy. She stated firmly, “I’ve known Ashley Buchanan for 10 years, but I have not received any compensation for my Incredibrew business from Kohl’s.” She also clarified that when she was approached by a recruiting firm, she was not in a relationship with Buchanan, nor did she accept any role at Michaels, where Buchanan previously served as CEO. Despite these clarifications, the association with CEO Ashley Buchanan has cast an unwelcome spotlight on Holt’s startup. Investors and media observers are now scrutinizing Incredibrew’s sudden rise and its connection to one of America’s largest department stores.

Corporate Fallout and Repercussions

Following Buchanan’s exit, Kohl’s moved quickly to stabilize its leadership. The company’s board appointed Michael Bender as interim CEO and announced that Ashley Buchanan would be required to forfeit all stock options and repay a signing bonus worth approximately £1.8 million ($2.5 million USD). In an internal memo, Bender emphasized the importance of integrity and ethics at the highest levels of leadership, stating, “The board's decision to part ways with CEO Ashley Buchanan was made in the best interest of the company and its future.” While details of the internal investigation remain sealed, the message was clear: Kohl’s would not tolerate personal relationships clouding corporate decision-making.

A Pattern of Concerns?

This marks yet another leadership shake-up for Kohl’s, a company already struggling with falling sales, store closures, and shifting consumer habits. For CEO Ashley Buchanan, the scandal marks a dramatic fall from grace after leading major retail chains like Michaels and Walmart. It also raises broader questions about corporate governance, transparency, and the risks of personal entanglements in business. Holt, while not officially penalized, will likely continue to face scrutiny, especially if Incredibrew seeks future investment or partnerships.

The Bigger Picture: What It Means for Business Ethics

The situation involving CEO Ashley Buchanan is a sharp reminder of the importance of transparency, especially at the C-suite level. Conflicts of interest, even those rooted in past personal relationships, must be fully disclosed to maintain public trust and protect shareholders.

Executives hold the responsibility to uphold not only performance standards but also ethical ones something Kohl’s board clearly reaffirmed with Buchanan’s dismissal. Whether this scandal impacts the long-term prospects of Incredibrew remains to be seen, but the ripple effects in the business world are already being felt. US Urges Pakistan and India to Work Together to Ease TensionsAs corporate America deals with its ethical challenges, international diplomacy continues to navigate fragile relations. The United States recently urged Pakistan and India to collaborate and reduce growing tensions, emphasizing the need for stability in South Asia.