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.Chain Store Age