Michaels Companies' CEO to step down
The Michaels Companies has started the search for new chief executive.
The arts-and-crafts retailer said that Ashley Buchanan is stepping down from his role as CEO and member of the board, effective Jan. 15, 2025. Michaels has initiated a CEO search with executive search firm Spencer Stuart.
Buchanan, a former Walmart executive, has served as CEO of Michaels since January 2020. His appointment came just about two months after Michaels tapped interim CEO Mark Cosby to fill the job.
"On behalf of the board and Michaels team members, I want to thank Ashley for his valuable contributions since he joined the company in 2020,” said Andrew Jhawar, chairman. “Ashley has led Michaels through significant transformation, delivering on key strategic initiatives that have enabled sustainable and profitable growth. We look forward to working closely with Ashley to ensure a smooth transition over the next two months and wish him the best in his future endeavors.”
Prior to Michaels, Buchanan served as chief merchandising officer and COO for Walmart U.S. eCommerce. He joined the retail giant in 2007 as director of innovations for Walmart U.S., and has served in various roles of increased leadership and responsibility across the company.
Prior to joining Walmart’s U.S. eCommerce team, Buchanan was the chief merchant at Sam’s Club. He also previously served in a broad set of senior merchandising roles at Walmart.
“I am incredibly proud of what we have accomplished since I joined Michaels five years ago," said Buchanan. "The strategic priorities the team put in place have positioned Michaels for success today while ensuring future innovation and growth. Over the next two months, I look forward to working closely with the Michaels leadership team and the board of directors to continue to advance our strategy and ensure a smooth transition.”
