Why Michaels Stock Jumped 23% on Friday

Shares of arts and crafts retailer The Michaels Companies (NASDAQ: MIK) surged higher on Friday due to a sudden shakeup in the executive suite. The stock was trading 24% higher at 1:55 p.m. EST.

Michaels has tapped former Walmart executive Ashley Buchanan as its new CEO and president, effective Jan. 6. Current CEO Mark Cosby will stay on as co-CEO until April 1 in order to achieve a smooth transition, and will keep his seat on the board of directors until further notice.

Also, CFO Denise Paulonis has taken a position at an unnamed company and will leave her post at Michaels by the end of its fiscal year, Jan. 31.

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Source Fool.com