Kohl\u2019s\u00a0is getting a new CEO, its third since 2018.<\/p>\n
The off-mall department store\u2019s current CEO Tom Kingsbury is stepping down effective Jan. 15. He will leave the position he held first on an interim basis starting in late 2022, and then permanently since early 2023.<\/p>\n
Michaels CEO Ashley Buchanan will take over the top job at Kohl\u2019s as Kingsbury departs, after leading the crafting retailer since 2020. Prior to his time at Michaels, Buchanan was at Walmart and its Sam\u2019s Club division for 13 years.<\/p>\n
Kohl\u2019s shares fell about 3% in extended trading following the announcement.<\/p>\n
At the world\u2019s largest retailer, he held the roles of chief merchandising and chief operating officer for Walmart U.S. e-commerce and chief merchant at Sam\u2019s Club before that. Buchanan is currently on the board of Macy\u2019s, but will be stepping down from that role.<\/p>\n
Kingsbury will remain with Kohl\u2019s in an advisory role to Buchanan and stay on the board until he retires in May. Kohl\u2019s doesn\u2019t intend to replace Kingsbury and will reduce the board size by one seat.<\/p>\n
Buchanan will step in just after the critical holidays end and as the retailer closes its fiscal year. There\u2019s a lot of work to be done at a time when department stores are struggling to resonate with shoppers who have more options than ever before. While Kohl\u2019s off-mall physical format has insulated it a bit more than other department stores, it has had a difficult several years.<\/p>\n
Kohl\u2019s shares fell 17% during Kingsbury\u2019s interim period from Dec. 2, 2022 to Feb. 2, 2023 and then dropped a further 45% since. Kingsbury hasn\u2019t been able to return sales to growth at Kohl\u2019s. Its comparable store sales, a key metric for retailers, have fallen for the past 10 quarters.<\/p>\n
Kingsbury took over as CEO after Michelle Gass left Kohl\u2019s to become president and then eventual CEO of Levi Strauss. Kingsbury had been a member of the Kohl\u2019s board since 2021. He previously served as CEO of Burlington Stores from 2008 to 2019.<\/p>\n<\/p>\n
Kohl\u2019s\u00a0is getting a new CEO, its third since 2018. The off-mall department store\u2019s current CEO Tom Kingsbury is stepping down effective Jan. 15. He will leave the position he held first on an interim basis starting in late 2022, and then permanently since early 2023. Michaels CEO Ashley Buchanan will take over the top job […]<\/p>\n","protected":false},"author":0,"featured_media":12650,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-12649","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business"],"_links":{"self":[{"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/posts\/12649","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/comments?post=12649"}],"version-history":[{"count":0,"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/posts\/12649\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/media\/12650"}],"wp:attachment":[{"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/media?parent=12649"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/categories?post=12649"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/tags?post=12649"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}