Kohl's announced Ashley Buchanan, CEO of Michaels, as its new chief executive, effective January 15. Tom Kingsbury will remain an advisor until May. Buchanan has led Michaels since 2020 and previously held leadership roles at Walmart and Sam’s Club. He will leave his Macy’s board position. Kohl's shares fell 3% after the announcement. Buchanan faces declining sales, with ten consecutive quarters of losses and a 45% drop in shares during Kingsbury’s tenure.
