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MENOMONEE FALLS, Wis. – Kohl’s Corp. has announced that CEO Tom Kingsbury will step down effective January 15, marking the end of a tenure characterized by strategic transformation efforts. Kingsbury, who has been at the helm since 2022, will remain in an advisory role to the incoming CEO and continue serving on the board of directors until his retirement in May 2025. Following his departure, the size of the Board will be reduced by one.
Retail veteran Ashley Buchanan, currently CEO of Michaels Companies, has been named Kingsbury’s successor and will assume the CEO role on January 15. Buchanan brings extensive retail experience, including leadership roles at Walmart and Sam's Club, where he spent 13 years in various senior executive positions.
“The Board is very grateful for Tom's leadership and ongoing service to Kohl's," said board chair Michael Bender. "Under his guidance, the company is undergoing a transformation to elevate its product portfolio, enhance the store experience, and improve its long-term financial health and profitability. On behalf of all Kohl’s associates, we thank Tom for his leadership, for his role in working with the Board on our CEO search, and for supporting Ashley through this transition.”
Bender also praised Buchanan’s qualifications, noting his extensive experience in operations, merchandising, and e-commerce. “Ashley’s track record as CEO of Michaels and his innovative leadership at Walmart make him the ideal choice to lead Kohl’s into its next chapter. During his time at Michaels, he improved profitability, expanded e-commerce capabilities, and drove operational efficiencies. We are confident in his ability to continue transforming the business and driving future growth.”
Kingsbury, who joined Kohl’s Board in 2021 before stepping into the interim CEO role in 2022, reflected on his time with the company. “It’s been an honor to finish my career at Kohl's, a company I’ve loved since my childhood in Wisconsin. I’m proud of what the team has accomplished, and I’m optimistic for what’s ahead for Kohl’s associates, customers, and shareholders.”
Buchanan expressed enthusiasm for his new role, stating, “I am thrilled to join Kohl’s, a storied and respected brand in the retail industry. I’m excited to work with the teams to evolve our business, building on the strength of our brand and loyal customer base while creating a compelling retail experience for the future.”
Buchanan’s leadership at Michaels since 2020 has been marked by profitability gains, the expansion of its omnichannel approach, and the introduction of a smaller-format store model. His previous roles at Walmart and Sam's Club included overseeing merchandising strategy, private brands, pricing, and global sourcing, among other responsibilities.
