The Board has appointed retail veteran Ashley Buchanan as CEO, effective January 15. Buchanan has been CEO of Michaels Companies since 2020. Before that, he held various senior executive roles at Walmart and Sam’s Club during his 13 years at the company.

Kingsbury will remain with Kohl’s in an advisory role to Buchanan and stay on the board until he retires in May.

Kohl’s has appointed former Walmart executive Ashley Buchanan as chief executive as the department store aims to lure back its value-seeking customer base amid falling sales.

The current CEO of Michaels will step into the top job at Kohl’s in January and will have to address the chain’s soft performance in apparel.

Tom Kingsbury will step down as top boss of Kohl’s Corporation (NYSE:KSS) effective January 15, 2025, the company said in a statement Monday. He will be replaced by Ashley Buchanan as CEO. Buchanan has been the chief executive of Michaels Companies since 2020 and,

Buchanan joins Kohl's from Michaels Companies, where he is credited with improving profitability and the cash flow.

But Kohl’s outgoing CEO Tom Kingsbury had no trouble this week owning up to mistakes that led to a steep drop in the retailer’s quarterly sales. Kohl’s scaled back popular private-label brands, fine jewelry and petite clothing sizes—moves that turned off shoppers and contributed to a 9.

Kohl’s Corp. named the chief executive officer of Michaels Cos. to lead the retailer as it looks to recover from a deep sales slump.

Kohl’s has appointed Ashley Buchanan as its CEO as the department store looks to bring back its value-seeking customer base amid declining sales.