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 shares are falling in premarket trading after the department store chain said that chief executive Tom Kingsbury is stepping down after less than two years running the struggling retailer, and will be replaced by The Michaels Companies CEO Ashley Buchanan.

Kohl’s Corp. said it appointed Ashley Buchanan to be its next chief executive officer. Buchanan, who takes over at Kohl’s on Jan. 15, will replace Tom Kingsbury, who will stay on in an advisory role and remain on the board until he retires in May.