Michaels Cos hires Walmart's Ashley Buchanan as CEO

(Reuters) - Michaels Cos Inc (NASDAQ: MIK) on Friday named longtime Walmart Inc (NYSE: WMT) senior executive Ashley Buchanan as chief executive officer and president on Friday, sending shares of the arts and crafts retailer up 3%.

Buchanan is the chief merchant officer of the U.S. e-commerce operation at the retail giant and will replace Mark Cosby in April 2020, after joining Michaels' board on Jan. 6.

The move comes just two months after Cosby became CEO. The company said he would remain as a board member.

The Irving, Texas-based company said Chief Financial Officer Denise Paulonis would step down on Jan. 31. It did not name a replacement.

(Reporting by Praveen Paramasivam in Bengaluru; Editing by Amy Caren Daniel)

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