Nathan Howard via Getty Images
TAKEAWAYS KEY
- Kohl's shares are falling in premarket trading after the department store chain said that Chief Executive Officer (CEO) Tom Kingsbury is stepping down after less than two years running the struggling retailer.
- Ashley Buchanan will replace Kingsbury as CEO of The Michaels Companies on January 15.
- Kohl's has been struggling with falling sales and its shares are down by almost a third this year.
Kohl’s shares (KSS), which are traded in the premarket, have fallen 3.5% after the company announced that Tom Kingsbury will be stepping down as Chief Executive Officer after less than 2 years of running the retailer.
Ashley Buchanan is the new CEO of The Michaels Companies, replacing Kingsbury who assumed his position in February 2023.
Kohl’s has announced that Kingsbury, who held previous senior positions with Walmart (WMT), Sam’s Club and Walmart, will continue in a role of advisory to Buchanan.
Kohl’s has announced that Kingsbury who was appointed interim CEO in 2022, and had previously run Burlington Stores BURL, will stay in an advisory role up until May 2020, when he retires.
"Under his leadership, the company is undergoing a transformation to elevate its product portfolio, enhance the store experience and improve its long-term financial health and profitability," board chair Michael Bender said.
Buchanan Improved Michaels' Profitability and Cash Flow, Kohl's Chair Says
Bender said that Buchanan improved Michaels' "profitability and cash flow while driving operational efficiencies across the business," and also ramped up the crafts store's e-commerce business.
Shares of Kohl's, which is set to post its third-quarter results Tuesday morning, are down 36% this year through Monday's close.
Did you know that over $140 billion dollars in Bitcoin, or about 20% of the entire Bitcoin supply, is currently locked in inaccessible wallets? Or maybe you have lost access to your Bitcoin wallet? Don’t let those funds remain out of reach! AI Seed Phrase Finder is here to help you regain access effortlessly. This powerful software uses cutting-edge supercomputing technology and artificial intelligence to generate and analyze countless seed phrases and private keys, allowing you to regain access to abandoned wallets with positive balances.
