Kohl’s has appointed former Walmart executive Ashley Buchanan as chief executive as the department store aims to lure back its value-seeking customer base amid falling sales.

Kohl's names Ashley Buchanan its new chief executive. An overview of challenges he will likely face as Kohl's CEO.

Mr. Buchanan will be the third chief executive at Kohl’s since 2018. Tom Kingsbury has served as interim chief executive since Michelle Gass left in December 2022 to run Levi Strauss & Company. Mr. Kingsbury will retain his seat on the board of directors until he retires in May.

Kohl’s Corp. said it appointed Ashley Buchanan to be its next chief executive officer. Buchanan, who takes over at Kohl’s on Jan. 15, will replace Tom Kingsbury, who will stay on in an advisory role and remain on the board until he retires in May.

Kohl’s has named Ashley Buchanan, CEO of Michaels, as its new CEO, effective Jan. 15, 2025, when current Kohl’s CEO Tom Kingsbury will step down.

Kingsbury will remain with Kohl’s in an advisory role to Buchanan and stay on the board until he retires in May.

Buchanan joins Kohl's from Michaels Companies, where he is credited with improving profitability and the cash flow.

Kohl’s has hired a veteran retailer with experience in the specialty, warehouse club and discount store channels to succeed CEO Tom Kingsbury in early 2025.

Kohl's stock is sinking Tuesday after the retailer missed Q3 earnings expectations, slashed its full-year outlook and announced a C-suite shakeup.

Buchanan joins Kohl’s from Michaels Companies, where he has served as CEO since 2020. Here, he was credited with improving profitability, expanding the company’s omnichannel approach and growing the digital business.