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Buchman will also join the company’s board of directors on January 6. He succeeds Mark Cosby who became Michael’s chief executive just over two months ago after serving on an interim basis since February. Cosby will remain CEO until April 1 to help with the transition, and he will retain his seat on the company’s board. Buchanan joined Walmart in 2007 and was promoted to chief merchandising and chief operating officer for its U.S. e-commerce business in July as part of a leadership shuffle at the retail giant. Prior to that, Buchanan was the chief merchandise officer for Sam’s Club since February 2017.
Walmart hasn’t yet named a replacement for Buchanan according to a spokesperson for the company. Michael’s also announced that chief financial officer Denise Paulonis has accepted a position at another company and will be leaving Michaels at the end of January after more than five years with the company. Michaels, which is based in Irving, Texas, operates 1,260 stores in the U.S. and Canada.