Michaels has tapped Ashley Buchanan, an experienced retail executive from Walmart, as the retailer’s president and chief executive officer designate and appointed him to the company’s board of directors, effective January 6, 2020.
He will succeed Mark Cosby as CEO upon completion of a transition period ending April 1, 2020. Cosby will continue to serve as CEO until April 1, 2020, and will remain a member of the board of directors following the CEO transition.
As part of the leadership transition, the company also announced that after more than five years at Michaels in various finance roles, Denise Paulonis, chief financial officer, has accepted a position at another company and will depart at the end of the company’s fiscal year, January 31, 2020.
“It has been an honor to lead Michaels and to help the company clearly define its core customer and develop a strategy centered on the makers,” said Cosby. “I am excited to welcome Ashley as his impressive skills and extensive experience make him uniquely suited to lead Michaels into its long and bright future. He brings innovative thinking and a wealth of merchandising and digital expertise that will help us engage our makers and deliver unique crafting experiences. Finally, I would like to thank Denise for her financial and executive leadership, and we wish her well as she pursues this new opportunity.”
Buchanan joined Walmart in 2007 and has served in various roles of increased leadership and responsibility across the company. Most recently he was chief merchandising and chief operating officer for Walmart U.S. ecommerce. Prior, he was the chief merchant at Sam’s Club. He also previously served in a broad set of senior merchandising roles at Walmart. Buchanan joined Walmart from Dell where he held a variety of positions in finance, after spending five years at Accenture focused on the retail industry.
“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,” added James Quella, chairman of Michaels board of directors. “We are grateful to Mark for his steady and thoughtful leadership as Michaels has navigated a challenging retail environment. We will continue to benefit from his leadership and expertise during this transition and through his continued presence on the board.”