MENOMONEE FALLS, Wis. — Kohl’s Corporation announced on Monday that CEO Tom Kingsbury will step down in the new year.
His last day in the role will be Jan. 15, 2025. The Kohl’s Board of Directors has appointed Ashley Buchanan to replace him.
Kingsbury has been in the top executive position since 2022. Kohl’s Corp. said he plans to remain in an advisory role with Buchanan and stay on the board through his retirement in May 2025. After his retirement, the size of the board will be reduced by one.
“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,” Kingsbury said in a statement. “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.”
Kohl’s Corp said Kingsbury had originally agreed to take a 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,” Board Chair Michael Bender said in a statement.
Ashley Buchanan has been CEO and President of Michaels Companies since 2020. Prior to that he served in senior executive roles at Walmart and Sam’s Club for 13 years.
“I am thrilled to join Kohl’s, a storied and respected brand in the retail industry,” he said. “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.”
The surprise announcement about Kingsbury’s departure came one day before Kohl’s will release its quarterly earnings report.
The Menomonee Falls-based retailor opened a new location in downtown Milwaukee last year.
