Kohl’s needs new leadership, and CEO Michelle Gass and Chairman Peter Boneparth should be replaced, according to a letter to the retailer’s board sent by hedge fund Ancora Holdings Group, which made its demands and reasoning public on Thursday.
Ancora and its affiliates, among a group of activist investors that successfully pushed the retailer to shake up its board last year, criticized what it said was Kohl’s failure to properly consider takeover bids earlier this year, a subsequent “opaque strategic review” and a recent credit downgrade, among other issues, per the letter.
Kohl’s didn’t immediately respond to a request for comment. Earlier this year, as activist investors pushed for a new strategy including a possible sale, Gass defended the board’s “openness to maximizing value” and its approach as “robust and intentional.”
Source: Retail Dive
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