Management changes crafted at Michaels


Craft chain Michaels got a lift Friday after the Irving-based company said it’s hired former Walmart executive Ashley Buchanan as its new CEO. Buchanan is currently chief operating officer of Walmart’s e-commerce business in the U.S. After a transition period he’ll take over from current Michaels’ CEO Mark Cosby in April. Cosby will remain on Michaels’ board, the company said in a statement Friday. Michaels’ stock has lost nearly half its value this year. Earlier this month the stock plunged more than 15% after Michaels reported a surprise drop in third-quarter profit, which it blamed on higher promotional activity, the Trump administration’s tariffs on inventory purchased from China, and other factors. Michaels stock closed up 33% to $8 on Friday.