Tom Kingsbury, who has led Kohl’s Corp. since December 2022, will step down from his role as CEO on Jan. 15, and Michaels CEO Ashley Buchanan will take his place, the Menomonee Falls-based retailer announced Monday.
Kingsbury will stay on in an advisory role to the new CEO and retain his position on Kohl’s board of directors through his retirement in May 2025, after which the size of the board will be reduced by one, according to a news release.
Buchanan, who will assume his new role as CEO and board member also on Jan. 15, has led Irving, Texas-based The Michaels Companies Inc. since 2020. Prior to that, he was with Walmart and Sam’s Club for a collective 13 years, serving in a variety of senior executive roles.
“The board is very grateful for Tom’s leadership and ongoing service to Kohl’s,” said board chair Michael Bender. “… 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’s 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.”
Kingsbury joined Kohl’s board in 2021, was named interim CEO in December 2022 — following the departure of former head Michelle Gass — and stepped into the permanent role in February 2023, agreeing to lead the company through 2025. He has more than 40 years of experience in senior positions at leading retailers, including president and CEO of Burlington Stores, senior executive vice president of Kohl’s, and several management positions at The May Department Stores Company, including president and CEO of its Filene’s division.
“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 Wisconsin,” said Kingsbury. “I’m proud of what the team has accomplished with our focus on enhancing the customer experience, driving value for customers, and running a sound and profitable business. I am optimistic for what is ahead for Kohl’s associates, customers and shareholders.”
During his tenure leading The Michaels Companies, Buchanan is credited withe expanding the company’s omnichannel approach by significantly growing the digital business, enhancing the store base with a smaller-format model, and simplifying its merchandise strategy.
At Walmart, his roles included chief merchandising and chief operating officer for U.S. e-commerce. Before that, he was chief merchant at Sam’s Club where he led merchandising strategy, private brands, pricing, global sourcing, packaging and supply chain. Buchanan joined Walmart from Dell where he held a variety of positions in finance, and Accenture, where he focused on the retail industry. He has a bachelor’s in business administration in finance and real estate as well as an MBA from Baylor University.
“We 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,” said Bender.
SEC filings show Buchanan will receive an annual base salary of $1.48 million, a signing incentive of $3.75 million and a one-time restricted stock grant worth $2 million, as part of his executive compensation agreement with Kohl’s.
“I am thrilled to join Kohl’s, a storied and respected brand in the retail industry,” said Buchanan. “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 – building off the strength of our brand and loyal customer base while also creating a compelling retail experience for the future.”
