The Michaels Companies Inc (NASDAQ: MIK) Rallies After Announcing Walmart Executive As Its New CEO

The Michaels Companies Inc (NASDAQ: MIK) was one of the top gainers in Friday’s trading session. This followed an announcement by the company that, Ashley Buchanan a top Walmart executive had been named its President and CEO, and that he will start his job on the 6th of January 2020. He will take over from Mark Cosby who will continue to serve in the Board. The company also announced that, its Chief Finance Officer, Denise Paulonis, had left the company. Denise will leave the company effective 31st January 2020.

Commenting on the transition, the outgoing CEO stated that, he was honored to lead the company in defining its main customers, and creating a strategy that focused on the Makers.  He added that, he was excited to welcome Ashley and that his skills and extensive experience made him well-positioned for the role, and lead Michaels to a bright future. He stated that, Ashley brought in innovative thinking and wealth of expertise in merchandising, as well as digital expertise. These will help him engage the company’s Makers and give outstanding crafting experiences. He also praised the outgoing COO for her leadership on the company’s finances, and also for contributing to the company’s executive leadership. 

The company Chairman, James Quella, also had lots of praise for Ashley. He stated that, Ashley was a world-class business leader who had shown the ability to redefine the customer experience at the world’s largest retailer. He added that, they were confident Ashley will be equally successful in driving Michaels forward.

Looking at the charts, the stock was in a breakout at the close of the week. It rallied by 32.89% to close the day at $8. Volumes in the day stood at 39.2 million.

About The Michaels Companies Inc

The Michaels Companies Inc is an arts and crafts specialty retailer for DIY home decorators and Makers. It is based in Irving, Texas.