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 Corp. said it appointed Ashley Buchanan to be its next chief executive officer. Buchanan, who takes over at Kohl’s on Jan. 15, will replace Tom Kingsbury, who will stay on in an advisory role and remain on the board until he retires in May.

Kohl's said on Monday that Tom Kingsbury plans to step down after a nearly two-year stint as CEO, sending the department store chain's shares down about 5% in extended trading. Since Kingsbury was named as interim CEO in December 2022,

Kingsbury will remain with Kohl’s in an advisory role to Buchanan and stay on the board until he retires in May.