When Kohl’s Corp. on Monday announced it was getting a new chief executive next year, investors got suspicious. On Tuesday, the department-store chain confirmed those suspicions, reporting results that missed expectations and sending shares sharply lower.

The company’s departing chief executive had no trouble owning up to mistakes that led to a steep drop in the company’s quarterly sales.

Kohl's CEO Tom Kingsbury will step down after less than two years at the helm, paving the way for former Walmart executive Ashley Buchanan to take on the role as the department store chain looks to execute a turnaround.

Kohl’s surprise CEO departure announcement a day before its quarterly results will play on the minds of investors, who were looking out for a positive forecast from the struggling department store chain ahead of the key holiday shopping season.

Kohl’s stock fell in after-hour trading Monday following the department store’s announcement that CEO Tom Kingsbury is retiring at the end of the year. The company has named Ashley Buchanan, current CEO of Michaels,

He will become an advisor to the new CEO until he retires in May 2025. ““I’ve loved working in the retail industry for more than 40 years and it’s been an honor to finish my career at Kohl’s, a company that I’ve known and loved since I was a kid in Wisconsin,