Kohl’s has successfully fought off activist investor Macellum Capital Management’s bid to take control of the department store retailer’s board.
Kohl’s shareholders voted to re-elect all 13 of the company’s incumbent board nominees. The company announced the outcome of the vote at its annual shareholders meeting on Wednesday.
The results were a blow to Macellum, which has been unrelenting in its criticism of Kohl’s in recent years and pushing the company to sell itself. In February, Macellum, which owns a nearly 5% stake in Kohl’s, nominated 10 directors, including its CEO Jonathan Duskin, in a move to take control of the department store retailer’s board.
Source: Chain Storeage
Omni Talk is the retail blog for retailers, written by retailers. Chris Walton and Anne Mezzenga founded Omni Talk in 2017 and have quickly turned it into one of the fastest growing blogs in retail. 