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

Kohl’s has appointed former Walmart executive Ashley Buchanan as chief executive as the department store aims to lure back its value-seeking customer base amid falling sales.

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.