WASHINGTON (dpa-AFX) - Kohl's Corp. (KSS) said that Activist Investors are focused on short-termism and financial engineering at the expense of sustainable operating and financial success. They also propose certain ideas that the Company already has well underway. The company rejected their attempt to disrupt the company's strong business momentum.
Earlier today, the Investor Group, which owns about 9.5% of Kohl'soutstanding common stock, said that it filed revised preliminary proxy materials announcing its slate of five directors to run in opposition to five of the company's long tenured directors who the Investor Group believes do not have the relevant retail and governance skills to create shareholder value.
The Investor Group believes board refreshment is essential to driving increased value creation for all Kohl's shareholders.
The Investor Group's slate of nominees consists of Jonathan Duskin, Margaret Jenkins, Jeffrey Kantor, Thomas Kingsbury and Cynthia Murray.
The Investor Group consist of Macellum Advisors GP LLC, Ancora Holdings Inc., Legion Partners Asset Management LLC, and 4010 Capital, LLC.
Meanwhile Kohl's said its directors outmatch the Activist Investors' slate of nominees on relevant experience.
Kohl's said that the Activists' slate lacks critical relevant experience. One of their nominees has presided over four companies that filed for bankruptcy. Three of their five nominees have not served on boards of retail companies of a comparable size to Kohl's. Two of the nominees have never served on a public company board. Four of five of the Activists' nominees lack meaningful digital experience.
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