The Wall Street Journal reported that the vendor in question was Chandra Holt, a former Walmart colleague and current founder of the coffee brand Incredibrew, with whom Buchanan was reportedly in a romantic relationship.
Kohl’s declined to offer further comment beyond the formal disclosures.
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An Expensive Exit
Buchanan’s dismissal carries significant financial consequences.
Per the SEC filing, he will forfeit all equity awards and must repay a prorated portion of his $2.5 million signing bonus.
His compensation package had totaled $20 million—more than double the $9 million earned by predecessor Tom Kingsbury.
Buchanan’s now-cancelled contract included:
- A $1.475 million base salary
- A $3.75 million signing bonus
- A $2 million restricted stock grant (after one year)
- A $15 million restricted stock unit package (vested over three years)
- An annual long-term equity incentive target of at least $9 million
Interim Leadership Appointed
