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Pic: Sundry Photography / Shutterstock.com Kohl’s Corporation, a leading omnichannel retailer in the US, has entered into a settlement agreement with Macellum Advisors GP, LLC, Ancora Holdings, Inc., Legion Partners Asset Management, LLC, and 4010 Capital, LLC (collectively, the Investor Group), which together own 9.3 per cent of Kohl’s outstanding common stock, including options.
As part of the agreement, two new independent directors nominated by the Investor Group, Margaret Jenkins and Thomas Kingsbury, will join the Kohl’s board of directors, as of the close of the 2021 Annual Meeting of Shareholders. An additional independent director identified by Kohl s, and agreed to by the Investor Group, Christine Day, will join the board at the same time.
Kohl s Corporation (NYSE:KSS) - Kohl s Adds Tommy Hilfiger Line To Brand Portfolio benzinga.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from benzinga.com Daily Mail and Mail on Sunday newspapers.
Kohl s Corp. has reached an agreement with the group of investors that have been trying to elect its own members to the retailer s board of directors.
Kohl s announced in a news release Wednesday morning that it has entered into a settlement agreement with the group of investors who collectively own around 9.5% of the company s stock.
Two of the directors nominated by the investor group will join the company s board of directors as part of the agreement. Margaret Jenkins from Citi Trends INc. and Thomas Kingsbury from Big Lots and Burlington Stores, Inc. will join the board at the end of the 2021 annual meeting of shareholders.
By Reuters Staff
2 Min Read
FILE PHOTO: The logo and trading informations for Kohl s is displayed on a screen on the floor at the New York Stock Exchange (NYSE) in New York, U.S., January 13, 2020. REUTERS/Brendan McDermid
(Reuters) -Department-store chain Kohl’s Corp said on Wednesday it has reached a deal with a group of activist investors to avoid a proxy fight, agreeing to add two of the group’s nominees to its board as independent directors.
The company will also add an independent director to the board at the same time and said that it expanded its share buyback plan to $2 billion.
Kohl s Corp. names 3 new directors in deal with activist investors
By Anne D Innocenzio article
MENOMONEE FALLS, Wis. - Kohl’s Corp. says it s adding three independent members to its board of directors as part of an agreement it struck with a key activist investor group that has been fighting to exert more control.
The new independent directors nominated by the investor group are Margaret Jenkins, a former marketing executive at restaurant chain Denny s, and Thomas Kingsbury, former CEO of Burlington Stores, the company said Wednesday. They will join Kohl’s board as of the close of this year s annual shareholders meeting, to be held in May. An additional independent director identified by Kohl’s, and agreed to by the investor group, will join the board at the same time: Christine Day, former CEO of Lululemon.