The Michaels Companies has announced the appointment of interim leaders to ensure seamless operations as the arts and crafts retailer continues its search for a new CEO. This leadership transition follows the departure of former CEO Ashley Buchanan, who stepped down on January 14 to assume the CEO role at Kohl’s Corp., succeeding Tom Kingsbury.
Effective January 15, the Michaels board has established an interim office of the CEO, appointing Heather Bennett (president), Stacey Shively (chief merchandising officer), and Perry Pericleous (chief financial officer) to jointly oversee the company’s day-to-day operations. Working alongside the broader executive leadership team, they will steer the company while the board finalizes its search for a permanent CEO.
Andrew Jhawar, chairman of the board, expressed confidence in the interim team, describing Bennett, Shively, and Pericleous as seasoned and accomplished leaders who are well-prepared to execute Michaels’ strategic initiatives. He also noted that the board has made significant progress in identifying a permanent CEO and expects to announce the decision soon.
Heather Bennett, who has served as president of Michaels since 2021, is credited with driving the company’s innovation and growth strategy. During her tenure, she has spearheaded Michaels’ digital transformation and introduced new strategies to enhance the customer experience.
Stacey Shively, who joined the company as chief merchandising officer in September 2024, brings over two decades of retail experience. She is recognized for her ability to leverage market trends and maximize opportunities while driving profitable sales.
Perry Pericleous, who became CFO in December 2024, has 25 years of financial management and operational experience in retail. Before joining Michaels, he served as the CFO of 99 Cents Only Stores, where he played a pivotal role in financial strategy and operations.
Michaels, which operates more than 1,300 stores across 49 states and Canada, remains focused on delivering its strategic goals during this transitional period.
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