Michaels (NASDAQ:MIK) is gaining a new CEO and MIK stock is down on Monday following the news.
Here’s what investors in MIK stock need to know about the new Michaels stores CEO.
- The new CEO that will be taking over the company is Ashley Buchanan.
- He will gain this role on April 1, 2020.
- It’s at that time that current CEO Mark Cosby will step down.
- This has Buchanan serving as President, CEO Designate and Board member in the meantime.
- The new Michaels stores CEO most recently served as the Chief Merchandising and Chief Operating Officer for Walmart (NYSE:WMT) U.S. eCommerce.
- Prior to this, he worked as the Chief Merchant at Sam’s Club and held other roles before that.
- Before joining Walmart, Buchanan also had several positions at Dell (NYSE:DELL) and Accenture (NYSE:ACN).
- His education includes a Bachelor of Business Administration in finance and real estate as well as a Master of Business Administration from Baylor University.
Here’s a statement from Michaels stores CEO that may be of interest to MIK stock investors.
“Michaels is an iconic brand, and I am excited about the tremendous opportunity we have in front of us to reimagine and redefine the experience of our Makers. I believe we can engage them in innovative new ways and unleash the power of their inner maker. Our community is unique, and I am thrilled about the opportunity to lead our Makers centered strategy and help take Michaels to a whole new level.”
MIK stock was down 7.06% as of Monday afternoon.
As of this writing, William White did not hold a position in any of the aforementioned securities.