Kohl’s CEO Ashley Buchanan will become the company’s new leader. He succeeds Tom Kingsbury and remains as an adviser and board member till his retirement in May 2025.
Buchanan will lead Kohl’s amid struggling sales, high necessities prices, also competition from Walmart and Amazon.
Kohl’s, a Wisconsin-based company, operates around 1,600 different stores nationwide.
In his 13 years in the company, Buchanan held a fixed number of senior executive positions at Sam’s Club and Walmart. It was right before taking on the role of CEO at the arts and crafts retailer Michaels Cos. in 2020.
In addition to growing Michaels’ small format stores and web operations. Buchanan also streamlined the company’s merchandising approach.
Among his roles at Walmart were chief operational officer for the company’s U.S. e-commerce segment and chief merchandising. He oversaw merchandising strategy, private brands, pricing, worldwide sourcing, packaging, and the supply network while serving as Sam’s Club’s top merchant before that.
Buchanan joined Walmart after working in a range of finance-related roles at Dell and Accenture, where he concentrated on the retail sector.
Following the announcement, Kohl’s stock dropped 84 cents, or over 5%, to $17.50 in post-market trade on Monday. In regular trading, the company’s stock was up $1.31 per share, or about 8%, to $18.34.
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