Kohl’s Stock Slips as CEO Being Replaced | Global News Avenue

Cole’s (korea association of science and technology) The department store said its shares fell 3.5% in premarket trading Chief Executive Officer (CEO) Tom Kingsbury resigns after less than two years running the company Troubled Retailers.

Kingsbury, who was appointed CEO in February 2023, will step down on January 15 and be replaced by Michaels CEO Ashley Buchanan.

Kingsbury will continue to serve as an adviser to Buchanan, who previously held senior roles at Walmart (WMT) and its Sam’s Club division, Cole said.

Kingsbury, who becomes interim CEO in late 2022, previously ran the Burlington store (FestivalKohl’s said he will remain in an advisory role until his retirement next May.

“Under his leadership, the company is undergoing a transformation to enhance its product portfolio, enhance the store experience and improve its long-term financial position and profitability,” said Michael Bender, chairman of the board.

Kohl’s chairman says Buchanan boosts Michaels profitability, cash flow

Bender said Buchanan improved Michaels’ “profitability and cash flow while improving operating efficiencies across the business” and strengthened the craft store’s e-commerce business.

Kohl’s is scheduled to release third-quarter results on Tuesday morning, and as of Monday’s close, the company’s shares have fallen 36% this year.