The Michaels Companies Inc., which operates the Michaels craft retail chain, has hired Ashley Buchanan as CEO. Most recently Buchanan was chief merchandising and chief operating officer for Walmart U.S. e-commerce.
He succeeds Mark Cosby as chief executive officer upon completion of a transition period ending April 1, 2020. Cosby will continue to serve as chief executive officer until April 1, 2020 and will remain a member of the Board of Directors following the CEO transition.
As part of the leadership transition, the company also announced that after more than five 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,” said 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.”
“Ashley is a world-class executive who has demonstrated the ability to redefine customer experiences and drive growth at the world’s largest retailer, and we are confident that he will be successful in leading Michaels forward,” said James Quella, chairman of The Michaels Companies Board of Directors. “We are grateful to Mark for his steady and thoughtful leadership as Michaels has navigated a challenging retail environment. We will continue to benefit from his leadership and expertise during this transition and through his continued presence on the Board.”
Buchanan joined Walmart in 2007 and has served in various roles of increased leadership and responsibility across the company. Prior to joining the U.S. eCommerce team, he was the chief merchant at Sam’s Club where he led a merchandising team and oversaw activities including assortment, private brand strategy, pricing, global sourcing, packaging, replenishment and supply chain. He also previously served in a broad set of senior merchandising roles at Walmart. Buchanan joined Walmart from Dell where he held a variety of positions in finance, after spending five years at Accenture focused on the retail industry. He earned a Bachelor of Business Administration in finance and real estate as well as a Master of Business Administration from Baylor University.
“Michaels is an iconic brand, and I am excited about the tremendous opportunity we have in front of us to reimagine and redefine the experience of our Makers,” said Buchanan. “I believe we can engage them in innovative new ways and unleash the power of their inner maker. Our community is unique, and I am thrilled about the opportunity to lead our Makers centered strategy and help take Michaels to a whole new level.”
