Kohl’s has appointed Michaels Companies CEO Ashley Buchanan to succeed its current CEO Tom Kingsbury when Kingsbury steps down on Jan. 15.
Kingsbury will retain an executive advisory role and board seat through his retirement in May, the retailer said in a Monday (Nov. 25) press release.
Buchanan is a retail veteran who has been CEO of Michaels since 2020, according to the release. Before that, he was with Walmart and Sam’s Club for 13 years, holding a variety of senior executive roles.
At Michaels, Buchanan improved profitability and cash flow, drove operational efficiencies across the business, and introduced new ways to use technology and eCommerce, Kohl’s Board Chair Michael Bender said in the release.
“His vast retail experience leading operations, merchandising and eCommerce at Walmart and his past five years as CEO of Michaels will bring a steady, proven, innovative leader to Kohl’s as we continue to transform the business and drive future growth,” Bender said.
Kingsbury joined the Kohl’s board in 2021, became interim CEO in 2022 and then agreed to take the permanent position as CEO through May 2025, according to the release.
“Under his leadership, the company is undergoing a transformation to elevate its product portfolio, enhance the store experience and improve its long-term financial health and profitability,” Bender said in the release. “On behalf of all Kohl’s associates, we thank Tom for his leadership, for his role working with the Board on our CEO search, and for supporting Ashley through this transition.”
Kohl’s said in September that it is reshaping its identity to feature its value-driven appeal for the entire family.
“We are evolving our marketing message to increase consideration of Kohl’s as a leading destination for value for the entire family,” Kingsbury said during an Aug. 28 earnings call. “Our advertising has already begun to include messaging around lower price points across our assortment.”
Kohl’s is set to announce its third quarter results Tuesday (Nov. 26).
The Michaels Companies said in a Monday press release that Buchanan will step down as CEO and a member of the board of that firm effective Jan. 15, that Michaels has initiated a CEO search, and that Buchanan will work with the retailer over the next two months to ensure a smooth transition.
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