Ashley Buchanan, CEO of Kohl’s, was fired in May 2025 after just four months. The reason was “undisclosed conflicts of interest” in a vendor deal. Buchanan pushed Kohl’s to strike a deal with Incredibrew, founded by Chandra Holt.
Holt and Buchanan have a history of working together at Walmart, and some reports claimed a romantic relationship between them. The deal was “favorable” to the vendor, leading Kohl’s to fire Buchanan, strip her of equity awards and demand a share of her $2.5 million signing bonus. Holt denied the allegations.
The scandal rocked the retail industry. Buchanan had previously had a stellar career, including high-profile roles at Walmart and Michaels. Kohl’s named Michael Bender as interim CEO and began a search for a new CEO.
Chandra Holt, founder of Incredibrew, became embroiled in a controversy with former Kohl’s CEO Ashley Buchanan. The two had worked together at Walmart. Buchanan pushed Kohl’s to strike a deal with Holt’s company that was deemed “favorable” because of “undisclosed conflicts.” Rumors linked them to a romantic relationship, which Holt denied. The scandal led to Buchanan’s ouster as CEO and raised questions about corporate ethics. Holt denied any compensation.
Who is CEO Ashley Buchanan?
Ashley Buchanan, the current CEO of The Michaels Companies, is a name that’s making waves in the American retail industry. Known for his dynamic leadership and strategic thinking, Buchanan’s career reflects a perfect blend of innovation, data-driven decision-making, and people-first management. In this article, we take a deep dive into the life and career of CEO Ashley Buchanan, and explore how his leadership is shaping the future of retail.
Early Life and Education
Ashley Buchanan earned his Bachelor’s degree in Business Administration from Baylor University and later completed his MBA from the University of Tulsa. From a young age, Buchanan displayed a strong interest in strategy, finance, and leadership — a combination that laid the foundation for his remarkable corporate journey.
Key Achievements at Walmart:
Led digital transformation of Walmart’s merchandising.
Played a crucial role in supply chain modernization.
Drove growth in eCommerce and omnichannel experience.
Leading The Michaels Companies
In early 2020, Ashley Buchanan was appointed CEO of The Michaels Companies, a leading arts and crafts retail chain. Under his leadership, Michaels has undergone a massive transformation — embracing technology, strengthening supply chain logistics, and focusing more on customer personalization.
Strategic Vision:
Buchanan’s vision for Michaels is to make it a “modern, omnichannel creative destination” — a place where digital experience meets DIY creativity.
Post-COVID Retail Revival:
During the pandemic, Michaels saw a surge in demand for home-based creative supplies. Buchanan capitalized on this trend by:
- Launching curbside pickup and same-day delivery.
- Enhancing the Michaels app and website UI/UX.
- Investing in data analytics to understand consumer behavior.
Leadership Style of CEO Ashley Buchanan
What sets CEO Ashley Buchanan apart is his leadership philosophy — people first, process second. His decisions are rooted in consumer insights, but he also believes that a motivated and empowered workforce is key to any retail success.
Core Values:
- Customer-centricity
- Innovation through data
- Accountability at every level
- Agile and adaptive operations
His approach combines the analytical precision of a data scientist with the emotional intelligence of a true leader.
Net Worth and Recognition
Though exact figures of Ashley Buchanan’s net worth are not publicly disclosed, his compensation as Michaels’ CEO includes a mix of base salary, bonuses, and stock options — typical for executives in billion-dollar companies.
He has been featured in several business journals and podcasts, where his thoughts on digital transformation in retail are frequently cited.
Final Thoughts: The Future with CEO Ashley Buchanan
Whether you’re an investor, business student, or just someone interested in retail trends, Ashley Buchanan’s career offers a textbook example of how bold leadership can drive results. From corporate boardrooms to warehouse floors, Buchanan’s influence is undeniable.
With a future-focused mindset and a proven record of success, CEO Ashley Buchanan continues to be a powerful force in the evolving world of retail.