Kohl's announced that CEO Tom Kingsbury is stepping down in January. He will be replaced by Ashley Buchanan, the current chief executive of arts and crafts retailer Michaels.

Kohl’s stock tanks after yet another sales miss, as the retailer’s core apparel and shoes businesses remain weak.

Kingsbury will remain with Kohl’s in an advisory role to Buchanan and stay on the board until he retires in May.

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 announced its CEO Tom Kingsbury will step down on January 15, 2025, and will be replaced by the CEO of arts and crafts retailer Michaels.

Kohl's stock is sinking Tuesday after the retailer missed Q3 earnings expectations, slashed its full-year outlook and announced a C-suite shakeup.

Kohl’s Corp. shares plunged 16.6% in premarket trading on Tuesday after the company cut its full-year sales outlook, signaling that its turnaround efforts aren’t taking hold.

Shares of Kohl’s plummeted in premarket trading Tuesday after the retailer missed third-quarter earnings and revenue targets, and slashed its guidance. Adjusted earnings per share were reported at 20 cents,