Kohl’s Corporation, a prominent American department store chain, has announced a significant leadership change. Tom Kingsbury, the current CEO, will step down on January 15, 2025. The company has appointed Ashley Buchanan, the CEO of Michaels Companies, to succeed him.

Kingsbury, who assumed the CEO role in 2022, will transition to an advisory role and remain on Kohl’s Board of Directors until his retirement in May 2025. His departure marks the end of a relatively short tenure, during which he oversaw various strategic initiatives aimed at enhancing Kohl’s product offerings, improving the in-store experience, and bolstering the company’s long-term financial health.

Buchanan, a seasoned retail executive, brings a wealth of experience to Kohl’s. Before his current role at Michaels, he held senior leadership positions at Walmart and Sam’s Club. Kohl’s appointment is seen as a strategic move to revitalize its business and navigate the challenges of the evolving retail landscape.

This leadership transition comes as Kohl’s, like many traditional retailers, grapples with declining sales and increased competition from online retailers. The company has been actively exploring strategies to attract customers and drive growth, including partnerships with Sephora and Amazon.

Buchanan’s appointment is expected to usher in a new era for Kohl’s. He brings a fresh perspective and a proven track record of success in the retail industry. The company will look to him to lead the charge in implementing innovative strategies and driving sustainable growth.