Kohl’s CEO Tom Kingsbury to step down and be replaced by Michaels CEO Ashley Buchanan
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Kohlâ€s is getting a new CEO, its third since 2018.
The off-mall department storeâ€s current CEO Tom Kingsbury is stepping down effective Jan. 15. He will leave the position he held first on an interim basis starting in late 2022, and then permanently since early 2023.
Michaels CEO Ashley Buchanan will take over the top job at Kohlâ€s as Kingsbury departs, after leading the crafting retailer since 2020. Prior to his time at Michaels, Buchanan was at Walmart and its Samâ€s Club division for 13 years.
Kohlâ€s shares fell about 3% in extended trading following the announcement.
At the worldâ€s largest retailer, he held the roles of chief merchandising and chief operating officer for Walmart U.S. e-commerce and chief merchant at Samâ€s Club before that. Buchanan is currently on the board of Macyâ€s, but will be stepping down from that role.
Kingsbury will remain with Kohlâ€s in an advisory role to Buchanan and stay on the board until he retires in May. Kohlâ€s doesnâ€t intend to replace Kingsbury and will reduce the board size by one seat.
Buchanan will step in just after the critical holidays end and as the retailer closes its fiscal year. Thereâ€s a lot of work to be done at a time when department stores are struggling to resonate with shoppers who have more options than ever before. While Kohlâ€s off-mall physical format has insulated it a bit more than other department stores, it has had a difficult several years.
Kohlâ€s shares fell 17% during Kingsburyâ€s interim period from Dec. 2, 2022 to Feb. 2, 2023 and then dropped a further 45% since. Kingsbury hasnâ€t been able to return sales to growth at Kohlâ€s. Its comparable store sales, a key metric for retailers, have fallen for the past 10 quarters.
Kingsbury took over as CEO after Michelle Gass left Kohlâ€s to become president and then eventual CEO of Levi Strauss. Kingsbury had been a member of the Kohlâ€s board since 2021. He previously served as CEO of Burlington Stores from 2008 to 2019.
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