Kohl's (KSS) shares are falling 3.5% in premarket trading after the department store company said that Chief Executive Officer (CEO) Tom Kingsbury is stepping down after less than two years running the struggling retailer.
Kingsbury, who was named CEO in February 2023, will leave his post on Jan. 15 and be replaced by Ashley Buchanan, CEO of The Michaels Companies.
Kingsbury will stay on in an advisory role to Buchanan, who previously held senior positions at Walmart (WMT) and its Sam's Club division, Kohl's said.
Kingsbury, who became interim CEO at the end of 2022 and previously ran Burlington Stores (BURL), will remain in the advisory role until retiring in May next year, Kohl's said.
"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.
Bender said that Buchanan improved Michaels' "profitability and cash flow while driving operational efficiencies across the business," and also ramped up the crafts store's e-commerce business.
Shares of Kohl's, which is set to post its third-quarter results Tuesday morning, are down 36% this year through Monday's close.
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