Three months back, Ashley Buchanan, the former CEO of Kohl’s, shared a video on LinkedIn that featured both his professional and personal life, even if the mix wasn’t exactly ideal.
Buchanan, who’s 51, faced termination on Thursday over a significant multi-million dollar contract linked to his girlfriend, 44-year-old Chandra Holt.
The video highlighted Holt, dressed in a white turtleneck, sitting by an electric fireplace, and discussing the perks of collagen-infused coffee.
“For anyone over 30 who hasn’t explored collagen yet, I can’t recommend it enough. It does wonders for hair, skin, nails, bones, and joints,” Holt remarked in her video.
Interestingly, some industry insiders were surprised that Buchanan didn’t take down the post after the scandal broke.
“I can’t believe he still has her on his LinkedIn page,” said one retail executive.
An observer on LinkedIn chimed in, “Wow, Buchanan, no wonder you got exposed—you really should delete this.”
On Friday, Buchanan appeared to have erased his LinkedIn profile altogether. Kohl’s confirmed his termination earlier that day but he waited until later in the afternoon to remove his online presence.
Mitchell Epner, a former prosecutor turned employment law expert, noted, “It’s unusual for a company not to act quickly when firing someone, especially in a public role.”
He added, “If there was time to organize this, there should have been a process to take him off the site promptly.”
While Epner can’t speculate on the reasons behind Buchanan’s firing, he mentioned that companies have methods to track potential issues, such as anonymous reporting systems.
Additionally, Holt lost her prestigious position at the Boston Consulting Group the same day, which was tied to the multi-million dollar contract, according to a company statement.
“BCG was surprised to discover Holt’s relationship with Ashley Buchanan. There are strict rules in place for senior advisors regarding the disclosure of conflicts of interest,” the statement read.
“Due to this failure to disclose, her contract has been terminated.”
Kohl’s has not confirmed whether Holt’s situation influenced Buchanan’s dismissal.
Both Buchanan and Holt did not respond to requests for comments.
We’ve learned that there were additional undisclosed factors regarding their previous employers.
Hailing from Texas, the couple, who have worked together at Walmart for years, now reside in a luxury golf community in Dallas, as reported by the Wall Street Journal.
Buchanan reportedly left Walmart in 2020 to head up Michaels and attempted to recruit Holt. She instead transitioned to becoming CEO of Conn’s HomePlus, a position she held for just a year before exiting under controversial circumstances.
Holt informed the Journal that they weren’t involved when they were brought on by Michaels, although it seems Buchanan’s divorce might complicate things.
A lawyer representing Buchanan’s ex-wife stated, “Buchanan intended for Holt to play a significant role at Michaels and she’s not just a romantic partner; she likely has insights pertinent to this matter.”
Experts on white-collar crime suggest that Buchanan might be facing severe legal implications.
Epner commented, “It’s quite rare for a company to cite ‘Cause’ when letting go of an executive.”
The attorney noted that Buchanan could breach corporate regulations by failing to disclose conflicts of interest, especially before signing Kohl’s annual report in March.
“He was likely required to reveal such contracts depending on when his relationship with Holt began,” Epner explained.
BCG clarified in a statement regarding Holt’s advisory role, stating, “She was being compensated hourly for specific advice, not for contract negotiations related to Kohl’s.”
However, a source pointed out that Holt had been labeled as an expert related to the project about ten months ago.
