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.

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

Kohl’s Corp. said it appointed Ashley Buchanan to be its next chief executive officer. Buchanan, who takes over at Kohl’s on Jan. 15, will replace Tom Kingsbury, who will stay on in an advisory role and remain on the board until he retires in May.