Kohl s names 3 new directors in deal with activist investors
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ANNE D INNOCENZIO, AP Retail Writer
April 14, 2021
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FILE - In this Feb. 25, 2021 file photo a woman arrives at a Kohl s store in West Des Moines, Iowa. Kohl’s Corp. says it’s adding two independent directors to its board as part of an agreement it struck with a key activist investor group that has been fighting to exert more control.Charlie Neibergall/AP
NEW YORK (AP) 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.
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Kohl s Reach Agreement With Investor Group On Director Nominees
WASHINGTON (dpa-AFX) - Kohl s Corp. (KSS) said Wednesday that it has reached a settlement agreement with an Investor Group, which collectively own 9.3% of the company outstanding common stock, including options.
The Investor Group consists of Macellum Advisors GP, LLC, Ancora Holdings, Inc., Legion Partners Asset Management, LLC, and 4010 Capital, LLC.
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.
Dive Brief:
Kohl s on Wednesday announced a settlement with a group of investors, Macellum Advisors, Ancora Holdings, Legion Partners Asset Management and 4010 Capital, which together own a 9.3% stake and had been agitating for board changes.
Per the agreement, two independent directors nominated by the group, Margaret Jenkins and Thomas Kingsbury, will join at the close of Kohl s upcoming annual shareholder meeting. Former Lululemon CEO Christine Day, an independent director identified by Kohl s, and agreed to by the Investor Group, will also join then.
Kohl s also noted that Steve Burd will retire from the board at the end of August and Chairman Frank Sica will retire in a year. The ad hoc finance committee will become a standing committee that oversees capital allocation, which Kingsbury will join. And the board expanded its share repurchase authorization to $2 billion.
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