Michaels has named Ashley Buchanan President and CEO Designate effective Jan. 6, 2020, just two months after removing the interim tag from current CEO Mark Cosby. Buchanan will officially succeed Cosby upon completion of a transition period ending April 1, 2020. He will join the company’s Board of Directors, while Cosby will remain on the Board.
Denise Paulonis, CFO of Michaels, has accepted a position at another company and will depart at the end of the company’s fiscal year, on Jan. 31, 2020.
Cosby took the reins as Interim CEO of Michaels in April 2019, replacing Chuck Rubin, who held the position for six years. The company recently has made some changes to its executive team, most notably appointing Vidya Jwala to the newly created position of Chief Customer Officer. Additionally, Scott Lindblom was promoted to EVP and CIO, and Holly Shaskey-Platek was promoted to EVP and Chief Human Resources Officer. The changes come as the company saw a 2.2% comparable stores sales decline in Q3, as well as total sales decline of 3.9%.
Buchanan has been with Walmart since 2007, most recently serving as the retail giant’s Chief Merchandising Officer and COO for its U.S. e-Commerce division. Prior to that, Buchanan was Chief Merchant at Sam’s Club. Before joining Walmart, he held various finance jobs at Dell and in the retail practice of Accenture.
In November, Michaels assumed the leases for up to 40 closing A.C. Moore locations along with a lease on an East Coast distribution facility. The 40 stores are expected to re-open under the Michaels banner in 2020.
“Ashley is a world-class executive who has demonstrated the ability to redefine customer experiences and drive growth at the world’s largest retailer, and we are confident that he will be successful in leading Michaels forward,” said James Quella, Chairman of The Michaels Companies Board of Directors in a statement. “We are grateful to Mark for his steady and thoughtful leadership as Michaels has navigated a challenging retail environment.