By Stephen Nakrosis

Shares of arts and crafts retailer Michaels Cos. Inc. (MIK) rose in heavy volume trading Friday, after the company named Walmart Inc. (WMT) retail executive Ashley Buchanan its new president and chief executive designate.

At 11:39 a.m. ET, the stock had gained 8.31% to trade at $6.52. Volume topped 3.3 million shares, above the 65-day average volume of some 2.8 million.

Michaels said Mr. Buchanan will succeed Mark Cosby as CEO on Aril 1, 2020.

--Write to Stephen Nakrosis at stephen.nakrosis@wsj.com

(END) Dow Jones Newswires

December 27, 2019 12:05 ET (17:05 GMT)

Copyright (c) 2019 Dow Jones & Company, Inc.
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