Kohl’s shareholders re-elect all directors

By

Jennifer Braun

Published
May 12, 2022

Kohl’s Corporation announced on Wednesday that Kohl’s shareholders voted to re-elect all thirteen of its director nominees, at the company’s 2022 annual meeting of shareholders.

According to preliminary results, director nominees – Michael J. Bender, Peter Boneparth, Yael Cosset, Christine Day, Chuck Floyd, Michelle Gass, Margaret Jenkins, Thomas Kingsbury, Robbin Mitchell, Jonas O. Prising, John E. Schlifske, Adrianne T. Shapira, and Stephanie Streeter – will remain on the company’s board of directors.

The move comes as Kohl's has faced increasing pressure from activist hedge fund Macellum Advisors, who put up its own slate of board nominees. Macellum nominated 10 directors, including its chief executive officer, Jonathan Duskin.

The investor, who owns around 5.5% of Kohl’s stock, has pressured Kohl’s to improve performance or consider a sale of the company, since January. 

“While we have had differences with Macellum, this board is committed to serving the interests of all our shareholders,” said Peter Boneparth, chairman of the board.

“The board remains focused on running a robust and intentional review of strategic alternatives while executing our strategy to drive shareholder value. We appreciate the feedback we have received from our shareholders over the past several months and look forward to engaging with them further.”

In addition to the re-election of directors, Kohl’s shareholders also ratified the appointment of Ernst & Young as the company’s independent registered public accounting firm for fiscal year 2022. 

Moreover, it approved an advisory resolution on the compensation of the company’s named executive officers reported in the company’s 2022 proxy statement.

Last month, Simon Property Group and Brookfield Asset Management reportedly made a bid for Kohl’s. Others who are said to have bid for Kohl’s include the Hudson’s Bay Co., Sycamore Partners, Leonard Green & Partners, as well as Starboard Value’s Acacia Research Corp. The company has said it is reviewing offers.