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

Kohl’s has appointed former Walmart executive Ashley Buchanan as chief executive as the department store aims to lure back its value-seeking customer base amid falling sales.

Kohl’s Corp. named the chief executive officer of Michaels Cos. to lead the retailer as it looks to recover from a deep sales slump.