WASHINGTON (dpa-AFX) - Kohl's Corp. (KSS) said Wednesday that it has reached a settlement agreement with an Investor Group, which collectively own 9.3% of the company' outstanding common stock, including options.
The Investor Group consists of Macellum Advisors GP, LLC, Ancora Holdings, Inc., Legion Partners Asset Management, LLC, and 4010 Capital, LLC.
As part of the agreement, two new independent directors nominated by the Investor Group, Margaret Jenkins and Thomas Kingsbury, will join the Kohl's Board of Directors, as of the close of the 2021 Annual Meeting of Shareholders.
An additional independent director identified by Kohl's, and agreed to by the Investor Group, Christine Day, will join the Board.
Additionally, the company said that it received notice from Steve Burd that he will retire from the Board at the end of August 2021, and from Frank Sica that he will retire from the Board next year in connection with the company's 2022 Annual Meeting of Shareholders.
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