Michaels is set to have new leadership as CEO Ashley Buchanan departs to lead Kohl’s effective January 15. Buchanan, who joined Michaels in early 2020, has implemented significant strategies for sustainable growth amidst a challenging retail market. The board is currently searching for a new CEO to succeed her, ensuring a smooth transition.
Irving-based Michaels is poised to transition to new leadership with the impending departure of its CEO, Ashley Buchanan, who has been appointed as the new chief executive officer for Kohl’s effective January 15. Joining Michaels just before the pandemic commenced in early 2020, Buchanan played a critical role in navigating the company through challenging retail conditions and has helped establish strategies to foster business growth. Michaels’ board has now initiated a search for Buchanan’s successor.
Under Ashley Buchanan’s leadership, Michaels has undergone significant transformations and achieved sustainable growth, particularly during trying times for the retail sector. In 2021, the company announced its intention to transition to a private entity through a deal with Apollo Global Management, a leading private equity firm. Andrew Jhawar, the chairman of Michaels, remarked on Buchanan’s successful implementation of strategic initiatives that have positively impacted the company’s performance.
Michaels, established in 1973, operates over 1,300 stores across the United States and Canada and was publicly traded until 2021 when it was acquired by Apollo Global Management. The leadership transition comes as the retail environment remains competitive and challenging. Cohen’s current CEO, Tom Kingsbury, will continue in an advisory role as the company adjusts to this leadership change. Buchanan’s tenure at Michaels is marked by increased profitability and improved operational efficiencies, vital for meeting evolving consumer demands.
In conclusion, the departure of Ashley Buchanan from Michaels marks a significant moment in the company’s leadership and strategic direction. Her successful initiatives have set a strong foundation for future growth, while the board’s search for a new CEO indicates Michaels’ continued commitment to adapting and thriving within the retail landscape. As Buchanan moves to Kohl’s, both retailers are poised to benefit from her extensive experience and innovative approach to management.
Original Source: www.dallasnews.com
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