3 sources·Business

Kohl's Announces New CEO Ashley Buchanan Amidst Struggling Sales

Ashley Buchanan, current CEO of Michaels, will succeed Tom Kingsbury as CEO of Kohl's on January 15, facing significant retail challenges.

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Updated: Nov 25th, 2024, 10:16 PM ET

Summary

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Kohl's has announced that Ashley Buchanan, the current CEO of Michaels, will take over as CEO on January 15, succeeding Tom Kingsbury. Kingsbury, interim CEO since late 2022, remains as an advisor until his retirement in May 2025. Buchanan faces challenges as Kohl's has reported sluggish sales and stiff competition from e-commerce giants like Walmart and Amazon. During Kingsbury's leadership, Kohl's stock dropped 5% upon the announcement, and the retailer has struggled with declining sales amid changing consumer spending habits in a tough economic climate.

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