The Michaels Cos. board of directors has established an interim office of the chief executive officer to provide leadership continuity following the previously announced departure of former CEO Ashley Buchanan, who just took up leadership of Kohl’s.
The office of CEO at Micheals includes Heather Bennett, president, a former exec at children’s product maker Bugaboo; Perry Pericleous, CFO, a former 99 Cents Only CFO; and Stacey Shively, chief merchandising officer. Shively most recently was with Beyond and, before that, she held leadership positions at The Container Store and Bed Bath & Beyond. With other members of the Micheals leadership team, the three executives will manage the company’s day-to-day operations while the board completes the search for a permanent CEO.
“Heather, Stacey and Perry are experienced, accomplished executive leaders who are well-equipped to ensure the ongoing execution of the company’s strategic plan,” said Andrew Jhawar, Michaels board chairman. “At the same time, the board is making great progress on the search for a permanent CEO, the results of which we expect to announce in the near future.”
In November of last year, Kohl’s announced CEO Tom Kingsbury would step down from his executive role on January 15, 2025. and Buchanan would become Kohl’s chief executive and a board member. Kohl’s just announced it was closing the company’s San Bernardino e-commerce fulfillment center in May when the lease on the facility expires as well as 27 underperforming stores by April 2025. Although the closings will occur from coast to coast, the largest number will shutter in California, with 10 stores designated.
