Kohl’s has appointed former Walmart executive Ashley Buchanan as chief executive as the department store aims to lure back its value-seeking customer base amid falling sales.

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,

Kohl’s has named Ashley Buchanan, CEO of Michaels, as its new CEO, effective Jan. 15, 2025, when current Kohl’s CEO Tom Kingsbury will step down.

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

Buchanan joins Kohl’s from Michaels Companies, where he has served as CEO since 2020. Here, he was credited with improving profitability, expanding the company’s omnichannel approach and growing the digital business.

Kohl’s Corp. named the chief executive officer of Michaels Cos. to lead the retailer as it looks to recover from a deep sales slump.