Kohl's CEO Tom Kingsbury announces impending departure
- Tom Kingsbury will resign as CEO of Kohl's on January 15, 2025.
- Ashley Buchanan, the current CEO of Michaels with extensive experience at Walmart, will take over.
- Kohl's continues to face challenges in its recovery after a decline in sales during the 2023 holiday season.
In the United States, Kohl's Corporation has announced a leadership change with CEO Tom Kingsbury stepping down on January 15, 2025. He will be succeeded by Ashley Buchanan, who has been the CEO of Michaels since 2020 and held various executive roles at Walmart for 13 years. Kingsbury, who became the interim CEO in 2022, later took on the permanent position, which was intended to last until May 2025, following the departure of former CEO Michelle Gass. This transition comes as Kohl's has faced multiple challenges, including decreased sales during the 2023 holiday season and ongoing recovery difficulties since 2022's activist investor battles that saw attempts to significantly alter company operations. Currently, Kingsbury will continue with Kohl’s as an advisor to Buchanan and remain on the Board of Directors until his retirement in May 2025.