Meet Kohl's New CEO: Ashley Buchanan from Michaels

Kohl’s has a new leader on the way! The company recently announced that Ashley Buchanan, currently the CEO of Michaels Companies, will take over as their CEO in January. Tom Kingsbury, the current CEO, will step down on January 15 but will stay on as an advisor until May. Buchanan has been leading Michaels since 2020 and has a impressive retail background, including over a decade at Walmart. At Michaels, Buchanan made some big improvements. He boosted profitability and cash flow, made the company more efficient, and brought in new tech and e-commerce strategies. Kohl’s Board Chair, Michael Bender, thinks Buchanan’s experience and innovative ideas will be just what Kohl’s needs to keep growing and changing. Kingsbury joined Kohl’s in 2021 and became the permanent CEO in 2022. He was leading a big transformation at Kohl’s, aiming to make their products better, the stores more enjoyable, and the company financially stronger. Kohl’s has been trying to bring more value to families lately. They’re changing their marketing to show that they’re a great place for affordable family shopping. Kingsbury mentioned this during an earnings call in August. The company is set to release their third-quarter results on November 26. Meanwhile, Michaels is looking for a new CEO because Buchanan will leave his position there in January. He’ll help with the transition over the next couple of months to make sure everything goes smoothly.