Kohl Says Activist Investors Proposals Threaten To Disrupt Its Business Momentum
WASHINGTON (dpa-AFX) - Kohl s Corp. (KSS) said that Activist Investors are focused on short-termism and financial engineering at the expense of sustainable operating and financial success. They also propose certain ideas that the Company already has well underway. The company rejected their attempt to disrupt the company s strong business momentum.
Earlier today, the Investor Group, which owns about 9.5% of Kohl soutstanding common stock, said that it filed revised preliminary proxy materials announcing its slate of five directors to run in opposition to five of the company s long tenured directors who the Investor Group believes do not have the relevant retail and governance skills to create shareholder value.
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A group of activist investors who sought to take control of the 12-person board of directors at
Kohl’s Corporation (NYSE: KSS) have changed their plans by presenting five nominees instead of a previously announced slate of nine.
The company denounced their plans, claiming the candidates lacked the experience needed to serve as directors.
What Happened: The activist investors group includes Macellum Advisors GP LLC, Ancora Holdings Inc., Legion Partners Asset Management LLC and 4010 Capital LLC, which control a combined 9.5% stake in the retailer. The group blamed Kohl’s leadership for creating what they viewed as a dismal retail strategy that resulted in evaporating profits and flaccid stock performance.
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Investor Group Files Revised Preliminary Proxy Statement for Director Nominations at Kohl’s
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Targets Five Long Serving Incumbents in Order to Focus on Securing Best Board Possible
Believes Board Refreshment Is Essential to Driving Increased Value Creation for All Kohl’s Shareholders
Macellum Advisors GP, LLC (together with its affiliates, Macellum ), Ancora Holdings, Inc. (together with its affiliates, Ancora ), Legion Partners Asset Management, LLC (together with its affiliates, Legion Partners ), and 4010 Capital, LLC (together with its affiliates, 4010 Capital and, together with Macellum, Ancora and Legion Partners, the Investor Group ) today announced that it has filed its revised preliminary proxy statement for its slate of nominees for the Board of Directors (the Board ) of Kohl’s Corporation (NYSE: KSS) ( Kohl’s or the Company ). The Investor Group is deemed to beneficially own, in the aggregate, 14,950,605 shares of the Company’s comm
By Reuters Staff
2 Min Read
FILE PHOTO: The sign outside a Kohl s store is seen in Broomfield, Colorado February 27, 2014. REUTERS/Rick Wilking
(Reuters) - A group of activist investors with a combined 9.5% stake in Kohl’s Corp on Thursday reduced the number of directors it plans to nominate to the department store’s board to five from nine.
The group had last month nominated a slate including former executives of Macy’s Inc and Burlington Stores to Kohl’s board, in what it called an effort to add more retail experience to the company’s leadership and improve profitability.
Kohl’s on Thursday said its current directors “outmatch” the group’s slate of nominees in experience and that the activists’ proposals threaten to disrupt the company’s business momentum.