Kingsbury will remain with Kohl’s in an advisory role to Buchanan and stay on the board until he retires in May.

Tom Kingsbury will step down as top boss of Kohl’s Corporation (NYSE:KSS) effective January 15, 2025, the company said in a statement Monday. He will be replaced by Ashley Buchanan as CEO. Buchanan has been the chief executive of Michaels Companies since 2020 and,

The Board has appointed retail veteran Ashley Buchanan as CEO, effective January 15. Buchanan has been CEO of Michaels Companies since 2020. Before that, he held various senior executive roles at Walmart and Sam’s Club during his 13 years at the company.

He replaces Tom Kingsbury, whose initial contract to lead the department store chain was set to expire in early 2025.

Kohl’s has hired a veteran retailer with experience in the specialty, warehouse club and discount store channels to succeed CEO Tom Kingsbury in early 2025.

Buchanan joins Kohl's from Michaels Companies, where he is credited with improving profitability and the cash flow.

But Kohl’s outgoing CEO Tom Kingsbury had no trouble this week owning up to mistakes that led to a steep drop in the retailer’s quarterly sales. Kohl’s scaled back popular private-label brands, fine jewelry and petite clothing sizes—moves that turned off shoppers and contributed to a 9.

Kohl's announced that CEO Tom Kingsbury is stepping down in January. He will be replaced by Ashley Buchanan, the current chief executive of arts and crafts retailer Michaels.

KEY TAKEAWAYS Kohl's stock is plummeting 17% in premarket trading after it reported weaker-than-expected third-quarter earnings Tuesday, the day after it announced that CEO Tom Kingsbury would stepping down after less than two years running the struggling retailer.

He will become an advisor to the new CEO until he retires in May 2025. ““I’ve loved working in the retail industry for more than 40 years and it’s been an honor to finish my career at Kohl’s, a company that I’ve known and loved since I was a kid in Wisconsin,