03:43 PM EDT, 05/01/2025 (MT Newswires) -- Kohl's (KSS) terminated chief executive officer Ashley Buchanan after its board found out that he had directed millions of dollars of the company's business toward a woman with whom he has had a romantic relationship, multiple news outlets reported Thursday.

Kohl's said in a statement today that its board decided to terminate Buchanan after an investigation by outside counsel, overseen by the board's audit committee, determined that he "violated company policies" by directing the company "to engage in vendor transactions that involved undisclosed conflicts of interest." The company has named board chair Michael Bender as the interim CEO.

Buchanan had met Chandra Holt, who is the founder of Incredibrew, several years ago when they were both working at Walmart (WMT), The Wall Street Journal reported.

Buchanan declined to comment to WSJ. Holt denied the allegations saying "I've known Ashley Buchanan for 10 years, but I have not received any compensation for my Incredibrew business from Kohl's," WSJ reported.

Their relationship "was an open secret inside Walmart," Bloomberg reported, citing sources familiar with the matter.

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