Michaels Hires New CEO From Walmart--Update
27 Diciembre 2019 - 12:10PM
Noticias Dow Jones
By Sarah Nassauer and Chris Wack
Michaels Cos. said it has hired a top e-commerce executive from
Walmart Inc. to become the arts-and-crafts retailer's new president
and CEO.
Ashley Buchanan, a rising star at Walmart where he was most
recently chief merchandising and chief operating officer for its
U.S. e-commerce business, will succeed Mark Cosby at Michaels after
a transition period ending in April. Mr. Buchanan will join
Michaels's board of directors, effective Jan. 6.
Michaels said Mr. Cosby will continue to serve as chief
executive until April, and will remain a member of the board of
directors following the transition.
Shares of Michaels rose nearly 10% to $6.60 after the hiring was
announced Friday.
Michaels also said finance chief Denise Paulonis has accepted a
position at another company and will leave on Jan. 31.
Mr. Buchanan's departure from Walmart comes as the world's
largest retailer is working to build up and make its online
operations more profitable, as well as aligning them more closely
with its stores. Mr. Buchanan moved into the role earlier this year
and was seen as a key part of those efforts, according to people
familiar with the situation.
Walmart didn't immediately name his replacement, according to an
internal memo from U.S. e-commerce head Marc Lore announcing the
departure. E-commerce merchandising leaders will report to Mr. Lore
in the interim, said the memo, which was reviewed by The Wall
Street Journal. "Keep moving forward with the plans in place," Mr.
Lore wrote.
Write to Sarah Nassauer at sarah.nassauer@wsj.com
(END) Dow Jones Newswires
December 27, 2019 12:55 ET (17:55 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
Walmart (NYSE:WMT)
Gráfica de Acción Histórica
De Feb 2024 a Mar 2024
Walmart (NYSE:WMT)
Gráfica de Acción Histórica
De Mar 2023 a Mar 2024