Menomonee Falls, Wis. — Kohl’s Corporation has announced that CEO Tom Kingsbury plans to step down on Jan. 15, 2025. He will stay on in an advisory role to the new CEO and retain his position on Kohl’s board of directors through his retirement in May 2025.
The board has appointed retail veteran Ashley Buchanan as CEO, effective Jan. 15. Buchanan has been CEO of Michaels Companies since 2020 and, prior to that, has held a variety of senior executive roles at Walmart and Sam’s Club during his 13 years at the company.
“The board is very grateful for Tom’s leadership and ongoing service to Kohl’s,” says Michael Bender, board chair. “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.”
Bender adds: “We are excited to welcome Ashley to Kohl’s. His vast retail experience leading operations, merchandising and e-commerce at Walmart and his past 5 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. During his time at Michaels, he improved profitability and cash flow while driving operational efficiencies across the business. He also introduced new ways to leverage technology and e-commerce, allowing Michaels to more effectively meet customers where they are today. He has driven change by setting a clear vision, empowering teams and practicing organizational accountability for results. We know he will be a great leader for Kohl’s and will bring a new perspective in our next chapter.”
Prior to Michaels, Buchanan held a variety of executive positions at Walmart during his 13 years at the company, including chief merchandising and chief operating officer for Walmart U.S. e-commerce. Before that, he was chief merchant at Sam’s Club where he led merchandising strategy, private brands, pricing, global sourcing, packaging and supply chain.
Kohl’s has more than 1,100 stores in 49 states, and online at www.Kohls.com.
SOURCE: Kohl’s Corporation