Kohl's surprise CEO departure announcement a day before its quarterly results will play on the minds of investors, who were looking out for a positive forecast from the struggling department store chain ahead of the key holiday shopping season.

Kohl’s stock fell in after-hour trading Monday following the department store’s announcement that CEO Tom Kingsbury is retiring at the end of the year. The company has named Ashley Buchanan, current CEO of Michaels,

Kohl’s Corp. named the chief executive officer of Michaels Cos. to lead the retailer as it looks to recover from a deep sales slump.

Kohl's CEO Tom Kingsbury will step down after less than two years at the helm, paving the way for former Walmart executive Ashley Buchanan to take on the role as the department store chain looks to execute a turnaround.

Kingsbury will remain with Kohl’s in an advisory role to Buchanan and stay on the board until he retires in May.

Kohl’s has appointed former Walmart executive Ashley Buchanan as chief executive as the department store aims to lure back its value-seeking customer base amid falling sales.

Tom Kingsbury will step down as top boss of Kohl’s Corporation (NYSE:KSS) effective January 15, 2025, the company said in a statement Monday. He will be replaced by Ashley Buchanan as CEO. Buchanan has been the chief executive of Michaels Companies since 2020 and,