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.