Kohl’s Company (“Kohl’s” or the “Company”) (NYSE: KSS) immediately introduced that Chief Govt Officer Tom Kingsbury plans to step down as CEO, efficient January 15, 2025. He’ll keep on in an advisory position to the brand new CEO and retain his place on Kohl’s Board of Administrators (the “Board”) by means of his retirement in Might 2025, after which the scale of the board shall be lowered by one.
The Board has appointed retail veteran Ashley Buchanan as CEO, efficient January 15. Buchanan has been CEO of Michaels Corporations since 2020 and, previous to that, has held quite a lot of senior government roles at Walmart and Sam’s Membership throughout his 13 years on the firm.
Board Chair Michael Bender said, “The Board is very grateful for Tom’s leadership and ongoing service to Kohl’s. Tom joined our Board in 2021. He then stepped up as interim CEO in 2022 and agreed to take the permanent position as CEO through May 2025. Under his leadership, the company is undergoing a transformation to elevate its product portfolio, enhance the store experience and improve its long-term financial health and profitability. On behalf of all Kohl’s associates, we thank Tom for his leadership, for his role working with the Board on our CEO search, and for supporting Ashley through this transition.”
Kohl’s CEO Tom Kingsbury will step down on 15 January 2025, remaining an advisor till Might.
Ashley Buchanan, Michaels Corporations CEO and former Walmart government, will succeed him.
Buchanan brings intensive retail experience, specializing in digital development, operational effectivity, and innovation to drive Kohl’s transformation and development.
Bender added, “We’re excited to welcome Ashley to Kohl’s. His huge retail expertise main operations, merchandising, and e-commerce at Walmart and his previous 5 years as CEO of Michaels will convey a gradual, confirmed, revolutionary chief to Kohl’s as we proceed to remodel the enterprise and drive future development. Throughout his time at Michaels, he improved profitability and money movement whereas driving operational efficiencies throughout the enterprise. He additionally launched new methods to leverage know-how and e-commerce, permitting Michaels to extra successfully meet clients the place they’re immediately. He has pushed change by setting a transparent imaginative and prescient, empowering groups, and training organizational accountability for outcomes. We all know he shall be a terrific chief for Kohl’s and can convey a brand new perspective in our subsequent chapter.”
Kingsbury stated, “I’ve cherished working within the retail business for greater than 40 years and it has been an honor to complete my profession at Kohl’s, an organization that I’ve identified and cherished since I used to be a child in Wisconsin. I am happy with what the workforce has achieved with our concentrate on enhancing the client expertise, driving worth for purchasers, and operating a sound and worthwhile enterprise. I’m optimistic for what’s forward for Kohl’s associates, clients and shareholders.”
Buchanan stated, “I’m thrilled to hitch Kohl’s, a storied and revered model within the retail business. We’ve the privilege of serving tens of millions of households all throughout the nation, and I am excited to work with the groups to evolve our enterprise – constructing off the power of our model and dependable buyer base whereas additionally making a compelling retail expertise for the longer term.”
Mr. Buchanan has been CEO and President of Michaels Corporations since 2020, the place he improved profitability, expanded the corporate’s omnichannel strategy by considerably rising the digital enterprise, enhanced the shop base with a smaller format mannequin, and simplified its merchandise technique. Previous to Michaels, he held quite a lot of government positions at Walmart throughout his 13 years on the firm, together with Chief Merchandising and Chief Working Officer for Walmart U.S. e-Commerce. Earlier than that, he was Chief Service provider at Sam’s Membership the place he led merchandising technique, personal manufacturers, pricing, world sourcing, packaging and provide chain. Buchanan joined Walmart from Dell the place he held quite a lot of positions in finance, and Accenture, the place he centered on the retail business. He holds a Bachelor of Enterprise Administration in finance and actual property in addition to a Grasp of Enterprise Administration from Baylor College.
Observe: The content material of this press launch has not been edited by Fibre2Fashion employees.
