Menomonee Falls, Wis. – Kohl’s has hired a veteran retailer with experience in the specialty, warehouse club and discount store channels to succeed CEO Tom Kingsbury in early 2025.
Yesterday evening, the mid-tier retail company announced that Kingsbury plans to step down on Jan. 15. He will retain an executive advisory role and board seat up until he officially retires in May 2025.
Incoming CEO Ashley Buchanan has been CEO of Michaels Companies since 2020, where he improved profitability, expanded the company’s omnichannel approach by significantly growing the digital business, enhanced the store base with a smaller format model, and simplified its merchandise strategy. Prior to Michaels, he held a variety of executive positions at Walmart during his 13 years at the company, including chief merchandising and chief operating officer for Walmart U.S. e-commerce.
Before that, he was chief merchant at Sam’s Club, where he led merchandising strategy, private brands, pricing, global sourcing, packaging and supply chain. Buchanan joined Walmart from Dell, where he held a variety of positions in finance, and Accenture, where he focused on the retail industry.
“His vast retail experience leading operations, merchandising and e-commerce 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,” said board chairman Michael Bender. “We know he will be a great leader for Kohl’s and will bring a new perspective in our next chapter.”
Kingsbury took the reins as interim CEO at Kohl’s in late 2022 and was officially appointed permanent CEO in early 2023.
“I’ve loved working in the retail industry for more than 40 years and it’s been an honor to finish my career at Kohl’s, a company that I’ve known and loved since I was a kid in Wisconsin,” said Kingsbury. “I am optimistic for what is ahead for Kohl’s associates, customers and shareholders.”
See also:
Kohl’s sees drop in home sales during 1st half of the year
How Kohl’s plans to revitalize the top-line
Credit: homeaccentstoday.com
