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.

Kohl's names Ashley Buchanan its new chief executive. An overview of challenges he will likely face as Kohl's CEO.

Mr. Buchanan will be the third chief executive at Kohl’s since 2018. Tom Kingsbury has served as interim chief executive since Michelle Gass left in December 2022 to run Levi Strauss & Company. Mr. Kingsbury will retain his seat on the board of directors 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,

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

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.

Kohl’s announced its CEO Tom Kingsbury will step down on January 15, 2025, and will be replaced by the CEO of arts and crafts retailer Michaels.

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,