Kohl's CEO to Step Down, Replacement Named

Kohl’s Inc. says Michaels CEO and retail veteran Ashley Buchanan will take over its top job, effective Jan. 15. Buchanan will succeed Tom Kingsbury, who will stay as an advisor to the new CEO and retain his position on Kohl’s board until his retirement in May 2025. Kingsbury served as Kohl’s interim CEO in December 2022 and was named its permanent leader in February 2023.

Buchanan has been CEO of the arts and crafts retailer Michaels Cos. since 2020 and, prior to that, held a variety of senior executive roles at Walmart and Sam’s Club. He is credited with significantly expanding Michaels’ digital business, boosting its small format store model, and simplifying its merchandising strategy.

Total Retail's Take: Buchanan will have his work cut out for him. Kohl's has been challenged by declining sales and loss of market share as more competitors emerge for the department store, including Amazon.com and Walmart. Kohl’s Board Chair Michael Bender said that the retailer is in the midst of an overhaul of its merchandising, store experience and expense control thanks to Kingsbury. However, the pace of that progress wasn't satisfactory to the board or company shareholders, thus a change in leadership was made.