The Michaels Companies has established an interim CEO office led by three of its executives following the departure of Ashley Buchanan.

President Heather Bennett, chief merchandising officer Stacey Shively, and CFO Perry Pericleous were appointed to lead the office, effective January 15. 

The three will work with other members of the executive leadership team to manage the company’s day-to-day operations while the board completes the search for a permanent CEO.

“Heather, Stacey, and Perry are experienced, accomplished executive leaders who are well-equipped to ensure the ongoing execution of the company’s strategic plan,” said Andrew Jhawar, chairman of the board. 

“At the same time, the board is making great progress on the search for a permanent CEO, the results of which we expect to announce in the near future,” Jhawar added.

Founded in 1973 and headquartered in Texas, Michaels operates more than 1300 craft stores in 49 states and Canada.