Michaels hired Ashley Buchanan as its CEO, a big loss for Walmart, and gain 10% for the company's stock.

Michaels has hired Ashley Buchanan, a top e-commerce executive from Walmart, to become the company’s president and CEO.

Ashley Buchanan, a rising star at Walmart where he was most recently chief merchandising and chief operating officer for its U.S. e-commerce business, will succeed Mark Cosby at Michaels after a transition period ending in April. Mr. Buchanan will join Michaels’s board of directors, effective Jan. 6.

Michaels said Mr. Cosby will continue to serve as chief executive until April, and will remain a member of the board of directors following the transition. He was named CEO in October, after serving on an interim basis since February.

Shares of Michaels rose nearly 10% to $6.60 after the hiring was announced Friday.

Walmart didn’t immediately name his replacement, according to an internal memo from U.S. e-commerce head Marc Lore announcing the departure. E-commerce merchandising leaders will report to Mr. Lore in the interim, said the memo.  “Keep moving forward with the plans in place,” Mr. Lore wrote.

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