Kohl's CEO Tom Kingsbury to step down and be replaced by Michaels CEO Ashley Buchanan [MSNBC.com]
Burlington Stores, Inc. (BURL)
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Source: MSNBC.com
Kohl’sThe off-mall department store’s current CEO Tom Kingsbury is stepping down effective Jan. 15. He will leave the position he held first on an interim basis starting in late 2022, and then permanently since early 2023.Michaels CEO Ashley Buchanan will take over 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 Club division for 13 years.Kohl’s shares fell about 3% in extended trading following the announcement.At the world’s largest retailer, he held the roles of chief merchandising and chief operating officer for Walmart U.S. e-commerce and chief merchant at Sam’s Club before that. Buchanan is currently on the board of Macy’s, but will be stepping down from that role.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 intend to replace Kingsbury and will reduce the board size by one seat.Buchanan
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