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The off-mall department store’s current CEO Tom Kingsbury is stepping down effective Jan. 15. Michaels CEO Ashley Buchanan will take over the top job at Kohl’s as Kingsbury departs, after leading the crafting retailer since 2020. While Kohl’s off-mall physical format has insulated it a bit more than other department stores, it has had a difficult several years. Kingsbury took over as CEO after Michelle Gass left Kohl’s to become president and then eventual CEO of Levi Strauss. Kingsbury had been a member of the Kohl’s board since 2021.
Persons: Kohl’s, Tom Kingsbury, Michaels, Ashley Buchanan, Kingsbury, Buchanan, Kohl’s doesn’t, Kingsbury hasn’t, Michelle Gass, Levi Strauss Organizations: Walmart, Sam’s Club, Walmart U.S, Sam’s, Burlington Stores Locations: Kohl’s
Kohl’s has hired Ashley Buchanan, chief executive of the crafts retailer Michaels, to be its next chief executive, the department store chain said on Monday. Mr. Buchanan, who has run Michaels since 2020, will start on Jan. 15. Mr. Buchanan will be the third chief executive at Kohl’s since 2018. Tom Kingsbury has served as interim chief executive since Michelle Gass left in December 2022 to run Levi Strauss & Company. Previously, Mr. Buchanan spent 13 years at Walmart, holding several senior roles, including chief merchandising officer and chief operating officer for Walmart’s U.S. e-commerce.
Persons: Kohl’s, Ashley Buchanan, Michaels, Buchanan, Tom Kingsbury, Michelle Gass, Levi Strauss, Kingsbury Organizations: Kohl’s, Levi Strauss & Company, Mr, Walmart, Walmart’s Locations: Kohl’s
Check out the companies making headlines after the bell : Zoom Communications — The maker of video calling software is lower by 1%. Zoom topped Wall Street quarterly estimates and posted fiscal fourth-quarter adjusted earnings per share guidance that was roughly in line with estimates. The company also said it changed its name to Zoom Communications from Zoom Video Communications. Nevertheless, fiscal fourth-quarter results bested analysts' forecasts on the top and bottom lines. Woodward — Shares of the industrials and aerospace machinery maker surged more than 10% on stronger-than-expected fiscal fourth-quarter results.
Persons: Kohl's, Ashley Buchanan, Tom Kingsbury, Woodward —, Woodward, Fluence Organizations: Communications, Zoom Communications, Zoom Video Communications, Michaels, Agilent, LSEG, Fluence Energy
New York CNN —Kohl’s announced its CEO Tom Kingsbury will step down on January 15, 2025, and will be replaced by the CEO of arts and crafts retailer Michaels. Ashley Buchanan, the next Kohl’s CEO, has been CEO of Michaels since 2020 and was a senior executive at Walmart and Walmart-owned Sam’s Club for 13 years. He took over after former Kohl’s chief executive Michelle Gass announced she was leaving the company to become the CEO at Levi’s (LEVI). Kingsbury will stay on as an advisor to Buchanan and on the Kohl’s Board of Directors until he retires in May 2025. Shares of Kohl’s dropped 5% in after-hours trading Monday.
Persons: New York CNN — Kohl’s, Tom Kingsbury, Michaels, Ashley Buchanan, Kingsbury, Michael Bender, Michelle Gass, LEVI, Buchanan, Kohl’s Organizations: New, New York CNN, Walmart, Sam’s Club, Kohl’s Locations: New York
“There’s just less dollars for consumers to spend.”The challenge for retailers now is to shake consumers out of that frugal mindset. Retail spending has increased in seven of the past 10 months through March. “If you want to convince consumers to spend you have to give them a reason to do so. Lower prices are a clear opportunity to drive people into the store or online.”It’s a lever that Walmart, he said, has pulled forever. Clothing chain H&M told analysts during its most recent earnings call that it, too, would lower prices.
Persons: Sarah Wyeth, , Chad Lusk, Alvarez, ” Wyeth, “ There’s, they’re, Zak Stambor, Stambor, Joe Raedle, ” Stambor, , ” Jesper Brodin, ” Brodin, ” Michaels, ” Ashley Buchanan, Michaels, Lars Daniel Ervér, Frida, Chuck, – CNN’s Bryan Mena Organizations: New, New York CNN —, Ikea, Shoppers, “ Retailers, CNN, Walmart, Ingka, , Cheese, Stambor Locations: New York, Hallandale Beach , Florida
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