KEY TAKEAWAYS Kohl's stock is plummeting 17% in premarket trading after it reported weaker-than-expected third-quarter earnings Tuesday, the day after it announced that CEO Tom Kingsbury would stepping down after less than two years running the struggling retailer.

Kohl's CEO Tom Kingsbury will step down after less than two years at the helm, paving the way for former Walmart executive Ashley Buchanan to take on the role as the department store chain looks to execute a turnaround.

Kohl’s has appointed Ashley Buchanan as its CEO as the department store looks to bring back its value-seeking customer base amid declining sales.

Kohl’s Corp. said it appointed Ashley Buchanan to be its next chief executive officer. Buchanan, who takes over at Kohl’s on Jan. 15, will replace Tom Kingsbury, who will stay on in an advisory role and remain on the board until he retires in May.

Kohl's said on Monday that Tom Kingsbury plans to step down after a nearly two-year stint as CEO, sending the department store chain's shares down about 5% in extended trading. Since Kingsbury was named as interim CEO in December 2022,

Kohl’s stock fell in after-hour trading Monday following the department store’s announcement that CEO Tom Kingsbury is retiring at the end of the year. The company has named Ashley Buchanan, current CEO of Michaels,