BREAKING: KOHL’S CEO OUT.. Michaels’ CEO IN. Shares Fall ~3% in after-hours trading, following the announcement.

Short Takes

Tom Kingsbury, CEO of Kohl’s, will be stepping down as Chief Executive, post-holiday.

On January 15, 2025, Ashley Buchanan, currently CEO of Michaels Stores (Irving, Texas) will assume the CEO mantle.

Buchanan will be the third CEO of Kohl’s since 2018. Michelle Gass (now CEO of Levi Strauss) was Kohl’s CEO prior to Kingsbury.

KSS stock dropped on the news in after-hours trading.

Kingsbury acted as Kohl’s interim CEO after Gass departed in December 2022. During this interim period, KSS stock fell ~18%.

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In the period since he was installed CEO (February, 2023), the stock fell an additional 45pts, according to CNBC.

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Comp store sales at Kohl’s have fallen for the past 10 quarters.

Kingsbury will stay on the Kohl’s board and act in an advisory role to Buchanan until May 2025, at which time he will depart.

Buchanan arrived at Michaels in 2020 after a dozen years at both Walmart and Sam’s Club. His last role at Walmart was Chief Merchant, U.S. e-commerce. Michaels was his first CEO role.

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