Michaels Cos. rose after naming Ashley Buchanan, a 12-year Walmart veteran, as its next chief executive officer.
Shares closed up almost 33 percent at $8.
Buchanan was named president and CEO designate at Michaels and appointed to the board, effective Jan. 6. He will succeed Mark Cosby as CEO after a transition period that ends April 1, the Irving, Texas-based retailer said in a statement.
Cosby was named CEO in October after holding the position on an interim basis since February.
As the former chief merchandising and chief operating officer for Walmart’s U.S. e-commerce business, Buchanan satisfies Michaels’ need for “an executive with heavy digital experience,” according to Stephens Inc. analyst Rick Nelson.
