Kohl’s Faces Activist Group Seeking Control of Board
- Investors nominate nine directors for 12-person board
- Group wants to add experienced retailers, reduce inventory
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Kohl’s Corp. said it rejects attempts by a group of activists “to seize control of our board and disrupt our momentum,” pushing back against a group that seeks to name nine directors and overhaul the retailers’ inventory. The shares pared some of their earlier gains.
“We are well underway in implementing a strong growth strategy and accelerating our performance,” the company said in a statement on its website, adding that its plans already include several of the initiatives the activist investors are proposing. Other plans, it said, “would not be accretive to shareholder value.” The company pointed to sequential improvements in recent quarters as evidence that its strategy is producing results.