Kohl's (KSS) announced that CEO Tom Kingsbury will be stepping down from the role effective January 15, 2025. Michaels Companies CEO Ashley Buchanan has been named his replacement. In the release, Kohl's says Kingsbury will serve in an advisory role and stay on the company's board through his retirement in May 2025.

Yahoo Finance Senior Reporter Brooke DiPalma reports on the breaking details.

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This post was written by Stephanie Mikulich.