87 176
Fashion Jobs
SPECIALIZED
Brand Development Manager - Michigan
Permanent · LANSING
ECCO
Third Keyholder
Permanent · ELIZABETH
ECCO
Third Keyholder
Permanent · LAS VEGAS
ECCO
Sales Manager - National Accounts (Remote)
Permanent · LONDONDERRY
ECCO
Third Keyholder
Permanent · ROSEMONT
LULULEMON
Community Specialist | Summit, Springfield Ave
Permanent · SUMMIT
LULULEMON
Expeditor | Cherry Creek
Permanent · DENVER
LULULEMON
Community Specialist | Friendly Center
Permanent · GREENSBORO
NORDSTROM
Customer Service Representative - Hillsdale Shopping Center
Permanent · SAN MATEO
NORDSTROM
Retail Stock - Mercer Mall Rack
Permanent · LAWRENCE TOWNSHIP
NORDSTROM
Manager- Service Experience- Baton Rouge Mall Rack
Permanent · BATON ROUGE
NORDSTROM
Retail Stock - Sugar House Rack
Permanent · SALT LAKE CITY
NORDSTROM
Asset Protection - Agent - Aventura
Permanent · AVENTURA
NORDSTROM
Retail Stock - Northwoods Rack
Permanent · SAN ANTONIO
NEIMAN MARCUS
Business Manager Tom Ford, Beauty (PT, 35 Hours) - FT. Worth
Permanent · FORT WORTH
NEIMAN MARCUS
Sales Manager, Designer Rtw
Permanent · CORAL GABLES
NEIMAN MARCUS
Sales Professional, Beauty
Permanent · NEW YORK
TIFFANY & CO
Manager, HR Business Partner
Permanent · NEW YORK
URBN
Security Officer (Monday-Thursday; Overnight Shift)
Permanent · LEVITTOWN
AMERICAN EAGLE OUTFITTERS
ae - Market Visual Leader - us
Permanent · MCLEAN
CROCS
Supervisor, Distribution Center - 1st Shift
Permanent · LAS VEGAS
NEWELL
Associate Brand Manager, Coleman
Permanent · ATLANTA
By
Reuters
Published
Apr 15, 2021
Reading time
2 minutes
Download
Download the article
Print
Text size

Kohl's settles with activist group, adds three new directors

By
Reuters
Published
Apr 15, 2021

​Department store chain Kohl’s Corp said on Wednesday it has reached a deal with a group of activist investors to avoid a proxy fight, agreeing to add two of the group’s nominees to its board as independent directors.


Photo: Reuters - Reuters


The company will also add a third independent director to the board at the same time and said that it expanded its share buyback plan to $2 billion.

The activist group, which controls a combined 9.3% of Kohl’s, includes Macellum Advisors GP LLC, Ancora Holdings Inc, Legion Partners Asset Management and 4010 Capital LLC. Initially the group, which previously pushed for change at retailer Bed Bath & Beyond, tried to take control of Kohl’s 12-member board by nominating nine directors before cutting that back to five candidates. It was one of the year’s biggest activist campaigns.

Kohl’s is valued at $9.6 billion and its shares climbed roughly 2% before giving back gains to trade roughly flat at $60.77.

The activists pressed Kohl’s to add board members with retail experience and move more forcefully. The company said its new strategy, unveiled in late 2020, was already addressing ways to boost sales and profits.

Margaret Jenkins, former chief marketing officer at restaurant group Denny's Corp , and Thomas Kingsbury, former chief executive of Burlington Stores , were nominated by the activists and will now sit on the board. Former Lululemon Athletica CEO Christine Day, who has won praise from the activists, will also join.

The board now has five members with apparel experience.

Kohl’s CEO, Michelle Gass, who has held the top job for three years, said in a statement that she is looking forward to working with the new members to “further advance our transformative strategy and deliver results for shareholders.”

Last month she said that Kohl’s would again start paying a dividend and buy back stock after having suspended the programs during the pandemic to preserve cash.

© Thomson Reuters 2024 All rights reserved.