Kohl's CEO Tom Kingsbury to step down in January, to be replaced by Michaels CEO Ashley Buchanan

Leadership Changes - Kohl's is appointing a new CEO, Ashley Buchanan, effective January 15, succeeding Tom Kingsbury, who has been in the role since early 2023 after an interim period starting in late 2022 [1][4] - Buchanan previously led Michaels since 2020 and has extensive experience at Walmart, including roles in merchandising and operations [2][4] Financial Performance - Kohl's shares declined approximately 3% in extended trading following the CEO announcement [2] - During Kingsbury's interim period from December 2, 2022, to February 2, 2023, shares fell 17%, and have since dropped an additional 45% [5] - Comparable store sales at Kohl's have decreased for the past 10 consecutive quarters, indicating ongoing challenges in returning to sales growth [5] Board and Advisory Role - Kingsbury will remain with Kohl's in an advisory capacity to Buchanan and will stay on the board until his retirement in May [3] - Kohl's plans to reduce its board size by one seat and does not intend to replace Kingsbury [3] Market Context - Buchanan's leadership comes at a critical time as department stores face challenges in attracting shoppers amid increasing competition [4] - Kohl's off-mall format has provided some insulation compared to other department stores, but the company has experienced difficulties in recent years [4]