Michaels Has Record Gain as New CEO Brings Digital Expertise
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Michaels Cos. surged the most on record after naming Ashley Buchanan, a 12-year Walmart Inc. veteran, as its next chief executive officer.
Buchanan was named president and CEO designate at Michaels and appointed to the board, effective Jan. 6. He will succeed Mark Cosby as CEO after a transition period that ends April 1, the Irving, Texas-based retailer said in a statement. Cosby was named CEO in October after holding the position on an interim basis since February.