Michaels Companies is replacing its new CEO Mark Cosby after just two months, hiring Walmart executive Ashley Buchanan to run the arts and crafts retailer as part of a leadership shuffle announced Friday.
"I am excited to welcome Ashley as his impressive skills and extensive experience make him uniquely suited to lead Michaels into its long and bright future," Cosby said. "He brings innovative thinking and a wealth of merchandising and digital expertise that will help us engage our Makers and deliver unique crafting experiences."
As part of the executive shuffle, the company announced that CFO Denise Paulonis has accepted a position with another company and will be leaving Michaels at the end of January after more than five years with the company, Michaels said.. Through November, 1,480 chief executives left their companies in 2019, which is the highest number on record in the first 11 months of a year, according to business and executive coaching firm Challenger, Gray & Christmas.
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