Kohl’s Corp. announced on Monday that Tom Kingsbury will step down as CEO on January 15, marking the end of his nearly three-year tenure. Ashley Buchanan, current CEO of Michaels Companies Inc., will take over as Kohl’s new CEO and board member starting January 15.
Kingsbury will remain in an advisory role to the new CEO and hold a position on Kohl’s board of directors until May 2025. The board size will be reduced by one after his retirement. In a statement, the board praised Kingsbury’s leadership during his tenure, citing his efforts to elevate the company’s product portfolio, enhance store experiences, and improve long-term financial health.
Kingsbury, who has over 40 years of experience in senior retail roles, expressed gratitude for the opportunity to lead Kohl’s. He previously led Burlington Stores and held senior executive positions at Kohl’s and The May Department Stores Company.
Buchanan brings a wealth of experience to the role, having led Michaels Companies Inc. since 2020. During his tenure, he expanded the company’s omnichannel approach, simplified its merchandise strategy, and grew its digital business.
Kohl’s board chair Michael Bender welcomed Buchanan, citing his extensive retail expertise and ability to drive innovation. As part of his executive compensation package, 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.
Buchanan expressed excitement about joining Kohl’s, highlighting the company’s strong brand reputation and loyal customer base. He plans to work with the teams to build on the company’s strengths while creating a compelling retail experience for the future.
Source: https://biztimes.com/kohls-ceo-to-step-down-replacement-announced