Menomonee Falls, Wisconsin – In order to replace CEO Tom Kingsbury in early 2025, Kohl’s has selected a seasoned retailer with expertise in the warehouse club, discount store, and specialty channels.
The mid-tier retailer declared yesterday evening that Kingsbury will retire on January 15. Until he formally retires in May 2025, he will continue to serve on the board and in an executive advisory capacity.
Ashley Buchanan, the company’s next CEO, has been with Michaels Companies since 2020. During his tenure, he increased profitability, streamlined the company’s merchandising strategy, expanded the omnichannel approach by growing the internet business significantly, and strengthened the store base with a smaller format model. During his 13 years at Walmart, he had a number of executive roles before Michaels, including chief operating officer for Walmart U.S. e-commerce and chief merchandising.
Prior to that, he oversaw Sam’s Club’s supply chain, pricing, private brands, worldwide sourcing, packaging, and merchandising strategy as chief merchant. Buchanan came to Walmart from Accenture, where he worked in retail, and Dell, where he held a number of finance-related roles.
Board chairman Michael Bender stated, “His extensive retail experience overseeing operations, merchandising, and e-commerce at Walmart and his previous five years as CEO of Michaels will bring a steady, proven, innovative leader to Kohl’s as we continue to transform the business and drive future growth.” “We are confident he will be an excellent leader for Kohl’s and will contribute a fresh viewpoint to our upcoming chapter.”
After taking over as Kohl’s temporary CEO in late 2022, Kingsbury was formally named the company’s permanent CEO in early 2023.
“I have over 40 years of experience in the retail industry, and it has been a privilege to conclude my career at Kohl’s, a company I have known and admired since I was a young child in Wisconsin,” Kingsbury stated. “I have hope for Kohl’s employees, clients, and investors in the future.”
