New York (CNN Business) Michaels Companies named longtime Walmart executive Ashley Buchanan as CEO on Friday, as the country's largest arts and crafts retailer looks to expand its customer base and compete against online giants like Amazon.

Buchanan will replace current CEO Mark Cosby in April after a transition period, the company said in a statement. The move comes just two months after Cosby took over as CEO. He will remain on the company's board, Michaels said.

Walmart WMT Buchanan, aveteran, most recently served as the retail giant's chief merchandising and chief operating officer for US E-commerce.

Michaels' MIK shares were up more than 15% on Friday.

"Michaels is an iconic brand, and I am excited about the tremendous opportunity we have in front of us to reimagine and redefine the experience of our Makers," Buchanan said in a statement. "I believe we can engage them in innovative new ways."

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