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 on Tuesday said it expects sales to be down 7% to 8% for the year, which is the third quarter in a row the company has changed its expectations on its performance. The Menomonee Falls-based retailer reported a profit of $22 million for the quarter,

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 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 names Ashley Buchanan its new chief executive. An overview of challenges he will likely face as Kohl's CEO.

Kohl's announced that CEO Tom Kingsbury is stepping down in January. He will be replaced by Ashley Buchanan, the current chief executive of arts and crafts retailer Michaels.

Kohl’s Corp. named the chief executive officer of Michaels Cos. to lead the retailer as it looks to recover from a deep sales slump.