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