Monday, January 24, 2022

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Michaels: Announces New CEO, Shares Jump 15 Pct

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Michaels: Announces New CEO, Shares Jump 15 Pct

  • Michaels announced that Walmart executive Ashley Buchanan will be taking over as CEO from Mark Cosby
  • Buchanan is going to start as CEO on Jan. 6, and Cosby is going to remain on to help out until April 1
  • Buchanan is going to make a yearly base salary of $1.2M, as well as a signing bonus of $3.7M
  • The $3.7M will cover some Walmart bonuses that Buchanan jettisoned when he left Walmart
  • Buchanan was also given 500,000 options and 795,000 shares of restricted stock by the board
  • The restricted shares are worth about $4.8 million

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