05:14 PM EST, 11/25/2024 (MT Newswires) -- Kohl's (KSS) said late Monday it has named Ashley Buchanan as chief executive, effective Jan. 15, succeeding Tom Kingsbury, who intends to step down from the role.

Buchanan has been CEO of Michaels Cos. since 2020.

Kohl's said Kingsbury will stay on in an advisory role to the new CEO and retain his position on the company's board through his retirement in May.

The company's shares were down 6% in after-hours activity.

Price: 17.24, Change: -1.10, Percent Change: -6.00