Irving, Texas — The Michaels Companies, Inc. has named Ashley Buchanan, an experienced retail executive from Walmart, as its new president and chief executive officer designate and appointed to the company’s board of directors, effective January 6, 2020. He will succeed Mark Cosby as CEO upon completion of a transition period ending April 1, 2020. Cosby will continue to serve as CEO until April 1 and will remain a member of the board of directors following the CEO transition.
As part of the leadership transition, after more than 5 years at Michaels in various finance roles, Denise Paulonis, chief financial officer, has accepted a position at another company and will depart at the end of the company’s fiscal year, January 31, 2020.
“It has been an honor to lead Michaels and to help the company clearly define its core customer and develop a strategy centered on the makers,” says Cosby. “I am excited to welcome Ashley as his impressive skills and extensive experience make him uniquely suited to lead Michaels into its long and bright future. He brings innovative thinking and a wealth of merchandising and digital expertise that will help us engage our makers and deliver unique crafting experiences. Finally, I would like to thank Denise for her financial and executive leadership, and we wish her well as she pursues this new opportunity.”
Buchanan joined Walmart in 2007 and has served in various roles of increased leadership and responsibility across the company. Most recently, he was chief merchandising and chief operating officer for Walmart U.S. e-commerce.
The Michaels Companies, Inc. is North America’s largest specialty provider of arts, crafts, framing, floral, wall décor and seasonal merchandise for makers and do-it-yourself home decorators (based on store count). The company operates more than 1,260 Michaels stores in 49 states and Canada. For more information, visit www.michaels.com.
SOURCE: The Michaels Companies, Inc.