CEO shakeups at Kohl’s, Michaels
As the holiday season officially kicks off, two big retail chains announced leadership changes, both effective in January.
Kohl’s Corp. said that Tom Kingsbury plans to step down as CEO, effective January 15, 2025, at which time he will be succeeded by Ashley Buchanan. Buchanan has been CEO of Michaels Companies since 2020 and, prior to that, held a variety of senior executive roles at Walmart and Sam's Club. In a release, Michaels said that it has started the search for a new chief executive.
Kingsbury will stay on in an advisory role to Buchanan and retain his position on Kohl's board through his retirement in May 2025. When he retires, the size of the board will be reduced by one.
Kingsbury was named chief executive of Kohl’s in February 2023 after serving in the role in an interim position since December 2022, following the departure of Michelle Gass, who left to join Levi Strauss & Co., where she is now CEO.
“The board is very grateful for Tom's leadership and ongoing service to Kohl's,” stated board chair Michael Bender. “Tom joined our board in 2021. He then stepped up as interim CEO in 2022 and agreed to take the permanent position as CEO through May 2025. 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.”
In a statement, Kingsbury, a 40-year retail veteran who led Burlington Stores as president and CEO from 2008 to 2019, said that it was an honor to finish his career at Kohl's, “a company that I've known and loved since I was a kid in Wisconsin.”
Incoming CEO Buchanan has been CEO of Michaels Companies since 2020 during which time he improved the profitability of the arts-and-crafts chain, 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, according to a Kohl’s release. He will step down as CEO of Michaels on Jan. 15.
Prior to joining Michaels, Buchanan held a variety of executive positions at Walmart during his 13 years at the company, including chief merchandising and COO for Walmart U.S. e-commerce. Before that, he was chief merchant at Sam's Club.
“We are thrilled to welcome Ashley [Buchanan] to Kohl’s,” said Bender. “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."
