Menomonee Falls, Wis. – Kohl’s has employed a veteran retailer with expertise within the specialty, warehouse membership and low cost retailer channels to succeed CEO Tom Kingsbury in early 2025.
Yesterday night, the mid-tier retail firm introduced that Kingsbury plans to step down on Jan. 15. He’ll retain an government advisory function and board seat up till he formally retires in Might 2025.
Incoming CEO Ashley Buchanan has been CEO of Michaels Firms since 2020, the place he improved profitability, expanded the corporate’s omnichannel strategy by considerably rising the digital enterprise, enhanced the shop base with a smaller format mannequin, and simplified its merchandise technique. Previous to Michaels, he held a wide range of government positions at Walmart throughout his 13 years on the firm, together with chief merchandising and chief working officer for Walmart U.S. e-commerce.
Earlier than that, he was chief service provider at Sam’s Membership, the place he led merchandising technique, personal manufacturers, pricing, world sourcing, packaging and provide chain. Buchanan joined Walmart from Dell, the place he held a wide range of positions in finance, and Accenture, the place he targeted on the retail business.
“His huge retail expertise main operations, merchandising and e-commerce at Walmart and his previous 5 years as CEO of Michaels will deliver a gentle, confirmed, progressive chief to Kohl’s as we proceed to remodel the enterprise and drive future progress,” stated board chairman Michael Bender. “We all know he might be an awesome chief for Kohl’s and can deliver a brand new perspective in our subsequent chapter.”
Kingsbury took the reins as interim CEO at Kohl’s in late 2022 and was formally appointed everlasting CEO in early 2023.
“I’ve cherished working within the retail business for greater than 40 years and it’s been an honor to complete my profession at Kohl’s, an organization that I’ve recognized and cherished since I used to be a child in Wisconsin,” stated Kingsbury. “I’m optimistic for what’s forward for Kohl’s associates, prospects and shareholders.”
See additionally:
Kohl’s sees drop in home sales during 1st half of the year
How Kohl’s plans to revitalize the top-line
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