Kohl’s CEO Tom Kingsbury is stepping down and being replaced by Ashley Buchanan

Kohl’s gets a new CEO, the third since 2018.

The off-mall department store’s current CEO, Tom Kingsbury, is stepping down effective January 15. He will leave the position he initially held temporarily from the end of 2022 and then permanently from the beginning of 2023.

Michaels CEO Ashley Buchanan will take the top job at Kohl’s with Kingsbury’s departure after leading the arts and crafts retailer since 2020. Prior to Michaels, Buchanan worked at Walmart and the Sam’s Club division for 13 years.

Kohl’s shares fell about 3% in extended trading following the announcement.

He previously served as Chief Merchandising and Chief Operating Officer for Walmart US E-Commerce at the world’s largest retailer and as Chief Merchant at Sam’s Club. Buchanan currently serves on the board of Macy’s but will step down from that position.

Kingsbury will remain at Kohl in an advisory role to Buchanan and will remain on the board until he retires in May. Kohl’s does not plan to replace Kingsbury and will reduce its board size by one seat.

Buchanan will step in immediately following the end of the major holiday season and at the close of the retailer’s fiscal year. At a time when department stores are struggling to appeal to shoppers who have more options than ever before, there’s a lot of work to be done. While Kohl’s physical off-mall format has made it a little more insulated than other department stores, it has had a difficult few years.

Kohl’s shares, meanwhile, fell 17% from Kingsbury between December 2, 2022 and February 2, 2023, and have fallen another 45% since then. Kingsbury has failed to get sales at Kohl’s back on track for growth. Comparable store sales, a key metric for retailers, have declined over the past decade.

Kingsbury took over as CEO after Michelle Gass left Kohl’s to become president and eventually CEO of Levi Strauss. Kingsbury has served on the Kohl’s board since 2021. He previously served as CEO of Burlington Stores from 2008 to 2019.