Activist Macellum seeks to take control of Kohl's board, nominates 10 directors : Rashtra News #Activist #Macellum #seeks #control #Kohls #board #nominates #directors Customers leave a Kohl's store on November 12, 2015 in San Rafael, California.Justin Sullivan | Getty Images News | Getty ImagesActivist group Macellum has amplified the pressure on Kohl's as it seeks […]
Activist investors have slightly shifted their strategy to take over the board at
Kohl’s Corp., reducing their director nominations from nine to five candidates.
The group, which includes Macellum Advisors GP LLC, Ancora Holdings Inc., Legion Partners Asset Management LLC and 4010 Capital LLC and collectively owns 9.5% of the retailer’s outstanding stock, publicly launched a campaign last month to overhaul Kohl’s 12-person board in an effort to improve financial performance.
Kohl’s continues to
In a revised proxy
statement Thursday morning, the investors called on stockholders to elect their five nominees as replacements for who they identify as the five “least qualified” incumbent board directors. Those directors include John Schlifske, chairman, president and CEO of Northwestern Mutual, and Jonas Prising, chairman and CEO of Manpower Group. This is the first time the group has targeted specific board members by name, saying they “lack relevant retail and gover
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.
WASHINGTON (dpa-AFX) - An Investor Group, which owns about 9.5% of Kohl's corp. (KSS) outstanding common stock, said that it has filed revised preliminary proxy materials announcing its slate