Kohl’s names Ashley Buchanan its next CEO

US department store chain Kohl’s has outlined its chief executive officer transition plan as its current head, Tom Kingsbury, confirms his intention to step down from January 15, 2025. Kingsbury will be succeeded by Ashley Buchanan, but will stay on in an advisory role and retain his position on the board of directors through to his retirement in May 2025.

Buchanan joins Kohl’s from Michaels Companies, where he has served as CEO since 2020. Here, he was credited with improving profitability, expanding the company’s omnichannel approach and growing the digital business. Prior to Michaels, Buchanan held a number of senior executive positions at Walmart and Sam’s Club, including that of chief merchandising and chief operating officer for Walmart US E-commerce.

In a release, Kohl’s board chair, Michael Bender, said the company was “grateful” for Kingsbury’s leadership and, before thanking him for his service, noted that under his guidance the retailer was “undergoing a transformation to elevate its product portfolio, enhance the store experience and improve its long-term financial health and profitability”.

In his own statement, Buchanan said on his appointment: "I am thrilled to join Kohl's, a storied and respected brand in the retail industry. We have the privilege of serving millions of families all across the country, and I'm excited to work with the teams to evolve our business – building off the strength of our brand and loyal customer base while also creating a compelling retail experience for the future."