Kohl’s Proxy Fight Victory Is Only the Beginning
- Date: 11-May-2022
- Source: The Wall Street Journal
- Sector:Retail
- Country:Middle East
Kohl’s Proxy Fight Victory Is Only the Beginning
A bitter campaign and a poison pill later, Kohl’s has emerged the victor in the proxy fight against an activist investor. But that is only the beginning for the department-store chain.
On Wednesday, Kohl’s shareholders rejected activist investor Macellum Advisors’ push to replace up to 10 directors. Macellum had renewed its push for changes at Kohl’s starting in January, including for a sale process, which Kohl’s subsequently hired Goldman Sachs to run. The department-store chain has said on its website that it engaged with more than 20 interested parties.
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