Kohl's Announces CEO Transition Process
Kohl's (NYSE: KSS) announced a CEO transition, with Ashley Buchanan appointed as the new Chief Executive Officer effective January 15, replacing Tom Kingsbury. Kingsbury will remain in an advisory role and retain his Board seat until his retirement in May 2025. Buchanan joins from Michaels Companies, where he served as CEO since 2020, previously holding senior executive positions at Walmart and Sam's Club. During his tenure at Michaels, Buchanan improved profitability, expanded digital business, and enhanced store operations. The transition comes as Kohl's continues its transformation to elevate its product portfolio, enhance store experience, and improve financial health.
Kohl's (NYSE: KSS) ha annunciato una transizione nella leadership, con Ashley Buchanan nominato nuovo Amministratore Delegato a partire dal 15 gennaio, sostituendo Tom Kingsbury. Kingsbury rimarr脿 in un ruolo consultivo e conserver脿 il suo posto nel Consiglio fino al suo pensionamento a maggio 2025. Buchanan proviene da Michaels Companies, dove ha ricoperto il ruolo di CEO dal 2020, avendo in precedenza ricoperto posizioni dirigenziali senior presso Walmart e Sam's Club. Durante il suo mandato presso Michaels, Buchanan ha migliorato la redditivit脿, ha ampliato il business digitale e ha ottimizzato le operazioni dei negozi. Questa transizione avviene mentre Kohl's continua la sua trasformazione per elevare il proprio portafoglio prodotti, migliorare l'esperienza in negozio e potenziare la salute finanziaria.
Kohl's (NYSE: KSS) anunci贸 una transici贸n en la direcci贸n, con Ashley Buchanan nombrado nuevo Director Ejecutivo efectivo el 15 de enero, reemplazando a Tom Kingsbury. Kingsbury permanecer谩 en un rol consultivo y mantendr谩 su asiento en la Junta hasta su jubilaci贸n en mayo de 2025. Buchanan llega de Michaels Companies, donde fue CEO desde 2020, habiendo ocupado anteriormente cargos ejecutivos senior en Walmart y Sam's Club. Durante su mandato en Michaels, Buchanan mejor贸 la rentabilidad, ampli贸 el negocio digital y optimiz贸 las operaciones de las tiendas. Esta transici贸n se produce mientras Kohl's contin煤a su transformaci贸n para elevar su portafolio de productos, mejorar la experiencia en la tienda y mejorar su salud financiera.
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Kohl's (NYSE: KSS) a annonc茅 une transition 脿 la direction, avec Ashley Buchanan nomm茅 nouveau PDG 脿 compter du 15 janvier, rempla莽ant Tom Kingsbury. Kingsbury demeurera dans un r么le consultatif et conservera son si猫ge au Conseil jusqu'脿 sa retraite en mai 2025. Buchanan arrive de Michaels Companies, o霉 il a 茅t茅 PDG depuis 2020, ayant pr茅c茅demment occup茅 des postes de direction chez Walmart et Sam's Club. Pendant son mandat chez Michaels, Buchanan a am茅lior茅 la rentabilit茅, 茅largi les affaires num茅riques et optimis茅 les op茅rations des magasins. Cette transition s'inscrit dans le cadre de la transformation de Kohl's visant 脿 茅largir son portefeuille de produits, am茅liorer l'exp茅rience en magasin et renforcer sa sant茅 financi猫re.
Kohl's (NYSE: KSS) hat einen Wechsel in der Gesch盲ftsf眉hrung angek眉ndigt, wobei Ashley Buchanan ab dem 15. Januar als neuer CEO fungieren wird, und Tom Kingsbury ersetzt. Kingsbury bleibt in einer beratenden Rolle und beh盲lt seinen Platz im Vorstand bis zu seiner Pensionierung im Mai 2025. Buchanan kommt von Michaels Companies, wo er seit 2020 CEO war und zuvor leitende Positionen bei Walmart und Sam's Club innehatte. W盲hrend seiner Zeit bei Michaels verbesserte Buchanan die Rentabilit盲t, erweiterte das digitale Gesch盲ft und optimierte den Betriebsablauf der Gesch盲fte. Der Wechsel erfolgt im Zuge von Kohls' Transformation, um das Produktportfolio zu erweitern, das Einkaufserlebnis zu verbessern und die finanzielle Gesundheit zu st盲rken.
- New CEO brings extensive retail experience from Michaels, Walmart, and Sam's Club
- Structured transition plan ensures leadership continuity through May 2025
- Current CEO remains as advisor and board member during transition period
- None.
Insights
The appointment of Ashley Buchanan as Kohl's new CEO represents a strategic shift for the retailer, bringing valuable expertise in digital transformation and operational efficiency. His track record at Michaels shows success in improving profitability and modernizing retail operations, particularly in e-commerce integration. The timing of this transition, coinciding with Kohl's ongoing transformation efforts, is crucial.
Buchanan's background at Walmart and Sam's Club, where he managed large-scale retail operations and e-commerce initiatives, aligns well with Kohl's needs. His experience in merchandising strategy and private brands could help Kohl's strengthen its product portfolio and competitive positioning in the challenging department store sector.
The structured transition period with Tom Kingsbury remaining as an advisor until May 2025 should provide stability and continuity during this leadership change. However, investors should monitor Q3 earnings closely tomorrow for insights into the current state of Kohl's transformation efforts.
- Ashley Buchanan Appointed Chief Executive Officer and Board Member, Starting January 15
- Tom Kingsbury Plans to Step Down as CEO on January 15, Retaining an Executive Advisory Role and Board Seat Through His Retirement in May 2025
The Board has appointed retail veteran Ashley Buchanan as CEO, effective January 15. Buchanan has been CEO of Michaels Companies since 2020 and, prior to that, has held a variety of senior executive roles at Walmart and Sam's Club during his 13 years at the company.
Board Chair Michael Bender stated, 鈥淭he Board is very grateful for Tom's leadership and ongoing service to Kohl's. Tom joined our Board in 2021. He then stepped up as interim CEO in 2022 and agreed to take the permanent position as CEO through May 2025. 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. On behalf of all Kohl鈥檚 associates, we thank Tom for his leadership, for his role working with the Board on our CEO search, and for supporting Ashley through this transition.鈥�
Bender added, 鈥淲e are excited to welcome Ashley to Kohl's. His vast retail experience leading operations, merchandising, and e-commerce at Walmart and his past five years as CEO of Michaels will bring a steady, proven, innovative leader to Kohl's as we continue to transform the business and drive future growth. During his time at Michaels, he improved profitability and cash flow while driving operational efficiencies across the business. He also introduced new ways to leverage technology and e-commerce, allowing Michaels to more effectively meet customers where they are today. He has driven change by setting a clear vision, empowering teams, and practicing organizational accountability for results. We know he will be a great leader for Kohl's and will bring a new perspective in our next chapter."
Kingsbury stated, "I've loved working in the retail industry for more than 40 years and it's been an honor to finish my career at Kohl's, a company that I've known and loved since I was a kid in
Buchanan stated, "I am thrilled to join Kohl's, a storied and respected brand in the retail industry. We have the privilege of serving millions of families all across the country, and I'm excited to work with the teams to evolve our business 鈥� building off the strength of our brand and loyal customer base while also creating a compelling retail experience for the future."
Mr. Buchanan has been CEO and President of Michaels Companies since 2020, where he improved profitability, expanded the company's omnichannel approach by significantly growing the digital business, enhanced the store base with a smaller format model, and simplified its merchandise strategy. Prior to Michaels, he held a variety of executive positions at Walmart during his 13 years at the company, including Chief Merchandising and Chief Operating Officer for Walmart
Third Quarter 2024 Sales and Earnings Results
Kohl's will announce its Q3 earnings results tomorrow morning at 9:00 a.m. ET, November 26, 2024. A webcast of the conference call and related presentation materials will be available on the Company's website at , both live and after the call.
About Kohl鈥檚
Kohl鈥檚 (NYSE: KSS) is a leading omnichannel retailer built on a foundation that combines great brands, incredible value and convenience for our customers. Kohl鈥檚 is uniquely positioned to deliver against its long-term strategy and its purpose to take care of families鈥� realest moments. Kohl's serves millions of families in its more than 1,100 stores in 49 states, online at , and through the Kohl's App. With a large national footprint, Kohl鈥檚 is committed to making a positive impact in the communities it serves. For a list of store locations or to shop online, visit . For more information about Kohl鈥檚 impact in the community or how to join our winning team, visit .
Cautionary Statement Regarding Forward-Looking Information
This press release contains 鈥渇orward-looking statements鈥� within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as 鈥渂elieves,鈥� 鈥渁nticipates,鈥� 鈥減lans,鈥� 鈥渕ay,鈥� 鈥渋ntends,鈥� 鈥渨ill,鈥� 鈥渟hould,鈥� 鈥渆xpects" and similar expressions are intended to identify forward-looking statements. Forward-looking statements are based on management鈥檚 then current views and assumptions and, as a result, are subject to certain risks and uncertainties, which could cause the Company鈥檚 actual results to differ materially from those projected. These risks and uncertainties include, but are not limited to, risks described more fully in Item 1A in the Company鈥檚 Annual Report on Form 10-K, which are expressly incorporated herein by reference, and other factors as may periodically be described in the Company鈥檚 filings with the SEC. Forward-looking statements relate to the date initially made, and Kohl鈥檚 undertakes no obligation to update them.
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Investor Relations Contact:
Jill Timm, (262) 703-2203, jill.timm@kohls.com
Media Contact:
Jen Johnson, (262) 703-5241, jen.johnson@kohls.com
Source: Kohl鈥檚
FAQ
When will Ashley Buchanan become the new CEO of Kohl's (KSS)?
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