Kohl's Appoints Michaels Chief Ashley Buchanan to Succeed Retiring CEO

Leadership Transition - Kohl's has appointed Ashley Buchanan, the current CEO of Michaels Companies, to succeed Tom Kingsbury as CEO effective January 15 [1] - Kingsbury will remain in an executive advisory role and on the board until his retirement in May [1][3] Background of New CEO - Ashley Buchanan has been the CEO of Michaels since 2020 and has over 13 years of experience at Walmart and Sam's Club in various senior executive roles [1][2] - Under Buchanan's leadership at Michaels, profitability and cash flow improved, and operational efficiencies were enhanced [2] Strategic Direction - Kohl's is undergoing a transformation to elevate its product portfolio, enhance the store experience, and improve long-term financial health and profitability [4] - The company is reshaping its identity to emphasize value-driven appeal for families, with a marketing message focused on lower price points [5][4] Transition Plan - Buchanan will step down from his role at Michaels on January 15 and will assist in ensuring a smooth transition over the next two months [6]