Activist investor Macellum Advisors on Thursday issued an open letter to Kohl’s shareholders calling for a shakeup of the company’s board of directors. Macellum is pushing for an “immediate and targeted refresh” of the board, rather than waiting for the retailer’s annual meeting, which will happen next year.
The investment firm, which has a nearly 5% stake in Kohl’s, is calling for the ousting of Chairman Peter Boneparth and other longtime directors. In particular, Macellum took aim at John Schlifske, Stephanie Streeter and Jonas Prising, who have all served on the board between seven and 15 years. Macellum Advisors said they have attempted to work privately with the board for over two months on a plan to replace current board members with independent retail experts.
Macellum Advisors in February pushed for board changes and nominated a slate of 10 candidates, yet in May, Kohl’s shareholders re-elected all of its board members. That came after Kohl’s agreed to update its board in a settlement with Macellum and other activist investors in April 2021.Retail Dive