When Kohl’s Corp. on Monday announced it was getting a new chief executive next year, investors got suspicious. On Tuesday, the department-store chain confirmed those suspicions, reporting results that missed expectations and sending shares sharply lower.

Kohl's CEO Tom Kingsbury will step down after less than two years at the helm, paving the way for former Walmart executive Ashley Buchanan to take on the role as the department store chain looks to execute a turnaround.

Kohl’s surprise CEO departure announcement a day before its quarterly results will play on the minds of investors, who were looking out for a positive forecast from the struggling department store chain ahead of the key holiday shopping season.

Tom Kingsbury, who has led Kohl's Corp. since December 2022, will step down from his role as CEO on Jan. 15, and Michaels CEO Ashley Buchanan will take

Kohl's names Ashley Buchanan its new chief executive. An overview of challenges he will likely face as Kohl's CEO.

Kohl's announced that CEO Tom Kingsbury is stepping down in January. He will be replaced by Ashley Buchanan, the current chief executive of arts and crafts retailer Michaels.

Kohl's expects sales to be down 7-8% for the year, which is the third quarter in a row the company has changed its expectation of its performance.