CEO leadership

Michaels looking for new leader as CEO moves to Kohl’s

admin November 30, 2024 0

Irving-based Michaels is set to be under new leadership as its CEO prepares to move to retailer Kohl’s.

Ashley Buchanan — who joined the company right before the pandemic in early 2020 — will step down from the arts and crafts chain and take on the same role at Kohl’s, the clothing and home good store, effective Jan. 15. The board at Michaels has initiated a search for a replacement, according to a statement.

Buchanan and the management team came up with a new strategy to drive business in a challenging retail environment. In 2021, it announced a deal to go private with a sale to private equity giant Apollo Global Management.

”Ashley has led Michaels through significant transformation, delivering on key strategic initiatives that have enabled sustainable and profitable growth,” said Andrew Jhawar, chairman. “We look forward to working closely with Ashley to ensure a smooth transition over the next two months.”

Buchanan, who formerly worked at Walmart, will also step down from the board of Michaels.

“The strategic priorities the team put in place have positioned Michaels for success today while ensuring future innovation and growth,” Buchanan said in the statement.

Ashley Buchanan, the Chief Executive Officer for the Michaels Companies, at their... — Ashley Buchanan, the Chief Executive Officer for the Michaels Companies, at their headquarters in Irving, on June 10, 2021.(Ben Torres / Special Contributor)

Michaels had been a publicly traded company since 2014 prior to the Apollo deal. The company, founded in 1973, operates over 1,300 stores in 49 states and Canada.

Kohl’s CEO Tom Kingsbury will stay on in an advisory role to Buchanan and retain his position on Kohl’s board through his retirement in May 2025.

“During his time at Michaels, (Buchanan) improved profitability and cash flow while driving operational efficiencies across the business,” Kohl’s board Michael Bender said in a statement. “He also introduced new ways to leverage technology and e-commerce, allowing Michaels to more effectively meet customers where they are today.”