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

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

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.