Kohl’s Corporation announced that Chief Executive Officer Tom Kingsbury plans to step down effective Jan. 15 and Ashley Buchanan has been appointed to take the role.
Board Chair Michael Bender said, “The board is very grateful for Tom’s leadership and ongoing service to Kohl’s. Tom joined our board in 2021. He then stepped up as interim CEO in 2022 and agreed to take the permanent position as CEO through May 2025.”
Kingsbury will stay on in an advisory role to the new CEO and retain his position on Kohl’s Board of Directors through his retirement in May 2025, after which the size of the board will be reduced by one.
Buchanan has been CEO of Michaels Companies since 2020 and, prior to that, has held a variety of senior executive roles at Walmart and Sam’s Club during his 13 years at the company.
Buchanan said, “I am thrilled to join Kohl’s, a storied and respected brand in the retail industry. 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.”
Prior to Michaels, Buchanan held a variety of executive positions at Walmart during his 13 years at the company, including chief merchandising and chief operating officer for Walmart U.S. e-Commerce. Before that, 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 a variety of positions in finance, and Accenture, where he focused on the retail industry.
He holds a bachelor of business administration in finance and real estate as well as a master of business administration from Baylor University.
