CEO of Michaels Companies Steps Down to Take the Helm at Kohl’s

The Michaels Companies, Inc. recently announced that Ashley Buchanan will step down as Chief Executive Officer and member of the Board of Directors, with his departure effective January 15, 2025. The search for a successor is already underway, with the Board of Directors enlisting the assistance of Spencer Stuart, a top executive search firm.

Andrew Jhawar, chairman of the Board of Directors, expressed appreciation for Buchanan’s efforts and acknowledged his contributions since joining in 2020. Jhawar noted that Buchanan had navigated the company through a period of significant change, implementing strategic initiatives that paved the way for lasting, profitable growth. He emphasized the Board’s commitment to a smooth leadership transition over the next two months and extended best wishes to Buchanan for his future endeavors.

Reflecting on his tenure, Buchanan conveyed pride in what the company has achieved over the last five years. He credited the team’s strategic focus for positioning Michaels as a leader today while laying the groundwork for future success. Over the coming months, he intends to collaborate closely with the Board and leadership team to ensure a seamless transition.

Meanwhile, Kohl’s, the Wisconsin-based retail giant, has also announced a major leadership change. Current CEO Tom Kingsbury is set to step down on January 15, 2025, transitioning to an advisory role for the incoming CEO until his official retirement in May 2025. Kingsbury, who has spent over four decades in the retail sector, described his time at Kohl’s as a meaningful conclusion to his career, particularly given his long-standing connection to the company.

Stepping into the CEO role at Kohl’s will be Ashley Buchanan, marking a significant career move from his position at Michaels. Buchanan, who has been leading Michaels since 2020, brings extensive experience from his previous roles at Walmart and Sam’s Club.

Founded in 1973 and headquartered in Irving, Texas, Michaels has become a leading destination for creativity, operating more than 1,300 stores across 49 states, Canada, and online.

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