Kohl’s Corporation is reporting that company CEO Tom Kingsbury plans to step down, effective January 15, 2025. He will remain with the company, working in an advisory role with the new CEO, and retain his position on Kohl’s Board of Directors through his retirement in May 2025, after which the company will reduce the size of the Board by one.
“I’ve loved working in the retail industry for more than 40 years, and it’s been an honor to finish my career at Kohl’s, a company that I’ve known and loved since I was a kid in Wisconsin. I’m proud of what the team has accomplished with our focus on enhancing the customer experience, driving value for customers, and running a sound and profitable business. I am optimistic for what is ahead for Kohl’s associates, customers and shareholders,” Kingsbury stated.
“The Board is very grateful for Tom’s leadership and ongoing service to Kohl’s. Tom joined our Board in 2021,” offered Kohl’s Board Chair Michael Bender. “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.”
The Board has appointed retail veteran Ashley Buchanan as CEO, effective January 15. Buchanan has been CEO of Michaels Companies since 2020. Before that, he held various senior executive roles at Walmart and Sam’s Club during his 13 years at the company.
“We are excited to welcome Ashley to Kohl’s,” Bender added. “His vast retail experience leading operations, merchandising, and e-commerce at Walmart and his past 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. 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.“
Buchanan has been CEO and president of Michaels Companies since 2020, where he reportedly improved profitability, expanded the company’s omnichannel approach by significantly growing its digital business, enhanced the store base with a smaller format model, and simplified its merchandise strategy.
Before Michaels, Buchanan held executive positions at Walmart during his 13 years at the company, including chief merchandising and chief operating officer for Walmart U.S. eCommerce. Previously, he was chief merchant at Sam’s Club, where he led merchandising strategy, private brands, pricing, global sourcing, packaging, and supply chain. Buchanan joined Walmart from Dell, where he held positions in finance and Accenture, focusing on the retail industry.
“I am thrilled to join Kohl’s, a storied and respected brand in the retail industry,“ said Buchanan. “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.”
Buchanan holds a Bachelor of Business Administration in Finance and Real Estate and a Master of Business Administration from Baylor University.
Images courtesy Kohl’s Corporation and Ashley Buchanan/LinkedIn
