Walmart e-commerce executive takes the top spot at Michaels, shares soar 15% - MarketWatch

The Michaels Companies, Inc. MIK, +14.99% stock soared 15.6% in Friday trading after the crafts retailer announced that Ashley Buchanan, a former Walmart Inc. WMT, +0.08% executive, has been named chief executive, effective Jan. 6, 2020. Shares are on track for their second-largest one-day percentage gain since going public. He succeeds Mark Cosby, who will stay on until April 1, 2020 to complete the transition. Cosby will remain on the board after he steps down from the CEO position. Buchanan joined Walmart in 2007 and was most recently the chief merchandising and chief operating officer for Walmart U.S. e-commerce. Denise Paulonis, Michaels' chief financial officer, will also leave the company, effective Jan. 31, 2020, for another job. She was with the company for five years. Michaels stock has tumbled 52% over the last year while the S&P 500 index SPX, +0.10% is up 30.5%.

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