The Michaels Companies, Inc. announced that Ashley Buchanan, an experienced retail executive from Walmart, has been named President and Chief Executive Officer Designate and appointed to the Company's Board of Directors, effective January 6, 2020. He will succeed Mark Cosby as Chief Executive Officer upon completion of a transition period ending April 1, 2020. Mr. Cosby will continue to serve as Chief Executive Officer until April 1, 2020 and will remain a member of the Board of Directors following the CEO transition.

As part of the leadership transition, the company also announced that after more than five years at Michaels in various finance roles, Denise Paulonis, Chief Financial Officer, has accepted a position at another company and will depart at the end of the company's fiscal year, January 31, 2020. Mr. Buchanan joined Walmart in 2007 and has served in various roles of increased leadership and responsibility across the company. Most recently he was Chief Merchandising and Chief Operating Officer for Walmart U.S. eCommerce.