Kohl’s Appoints J. Ashley Buchanan as New CEO, Thomas A. Kingsbury to Transition to Advisory Role

Kohl’s Corporation (NYSE: KSS) recently disclosed in an 8-K filing its decision to appoint J. Ashley Buchanan as the company’s Chief Executive Officer effective January 15, 2025. Buchanan, aged 50, currently serves as the Chief Executive Officer of The Michaels Companies, Inc., a post he has held since January 2020. Prior to this, he held key leadership positions at Walmart Inc., including roles in merchandising and operations.

In conjunction with his appointment, Buchanan is set to receive an annual base salary of $1,475,000, a cash signing incentive of $3,750,000, and various other compensation benefits as outlined in his offer letter. These perks include eligibility for the Company’s Annual Incentive Plan, stock units, long-term incentives, and participation in health and benefit plans offered to senior executives.

Should the Company retract its employment offer to Buchanan before his official start date due to external reasons beyond his control, he will receive a cash payment equivalent to the value of his signing incentive and recruitment awards, subject to certain conditions.

Moreover, in connection with Buchanan assuming the role of CEO, the current Chief Executive Officer, Thomas A. Kingsbury, will transition into an Advisor to the Chief Executive Officer position effective January 15, 2025. Kingsbury will retain this role until May 10, 2025, following the terms stipulated in his existing Employment Agreement. Subsequently, on May 10, 2025, Kingsbury will end his term of employment and resign from the Board of Directors.

Kingsbury’s departure is noted to be amicable, with no disagreements between him and the Company on operational matters. The Board acknowledges Kingsbury’s contributions and anticipates a smooth leadership transition under Buchanan’s guidance.

A press release attached to the filing further elaborates on the leadership transition process, highlighting Buchanan’s extensive industry experience, particularly emphasizing his successful tenure at Michaels Companies and Walmart.

Kohl’s is scheduled to announce its third-quarter earnings results on November 26, 2024, at 9:00 a.m. ET. The webcast of the conference call will be made available on the investor relations section of the Company’s website.

Please note that this summary of the 8-K filing provides an overview and select details. For comprehensive information, it is recommended to refer directly to the complete filing available on the Securities and Exchange Commission’s website.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Kohl’s’s 8K filing here.

Kohl’s Company Profile

Kohl’s Corporation operates as an omnichannel retailer in the United States. It offers branded apparel, footwear, accessories, beauty, and home products through its stores and website. The company provides its products primarily under the brand names of Croft & Barrow, Jumping Beans, SO, Sonoma Goods for Life, and Tek Gear, as well as Food Network, LC Lauren Conrad, Nine West, and Simply Vera Vera Wang.