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Kohl's adds three independent directors, expands share repurchase program, ending dispute with activist investors

Kohl's Corp. (KSS) announced Wednesday morning that it has come to an agreement with a group of activist investors, including Macellum Advisors GP, LLC and Ancora Holdings, Inc., that collectively own 9.3% of outstanding shares in the department store retailer. Kohl's has agreed to add two independent directors selected by the investor group: Margaret Jenkins, a former director at PVH Corp. (PVH) and former chief marketing officer at Denny's Corp. (DENN); and Thomas Kingsbury, an independent director at Big Lots Inc. (BIG), Tractor Supply Co. (TSCO) and BJ'S Wholesale Club Holdings, Inc.(BJ) Kingsbury will also join the new finance committee of the board, which will provide capital allocation oversight. A third independent director selected by Kohl's, Christine Day, co-founder of a social responsibility-focused fashion group, The House of LR&C, will also be placed on the board. All will join at the close of the 2021 shareholders meeting. Steve Burd will retire from the board at the end of August 2021; Frank Sica will retire around the time of the 2022 shareholders meeting. The board has also expanded Kohl's share repurchase program to $2 billion. The activist investor group had targeted five board members (link) and questioned the business momentum (link) that the company said it had to turnaround the business. Kohl's stock has rallied 52.5% for the year to date while the S&P 500 index is up 10.4% for the period.

-Tonya Garcia; 415-439-6400; AskNewswires@dowjones.com

 

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04-14-21 0953ET

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