Kohl’s shareholders vote to keep current slate of directors despite activist pressure

Kohl’s shareholders vote to keep current slate of directors despite activist pressure

Shareholders voted to reelect the company's current slate of 13 board directors, as the retailer faced mounting pressure from activists for an overhaul, the company announced Wednesday. The annual meeting of Kohl's shareholders took place as activist firm Macellum Advisors , arguing that the company has underperformed in recent years compared with other retailers. Macellum has argued that Kohl's Chief Executive Officer Michelle Gass's efforts, such as teaming up with beauty retailer Sephora or patterning with on a returns program, haven't been enough. In February, Macellum nominated 10 directors, including its Chief Executive Officer Jonathan Duskin. The activist has also been pushing for Kohl's to sell itself and to sell some of its real estate and lease it back to tap into additional capital. Kohl's has been resistant to such sale-leaseback transactions, but the retailer did tap bankers at Goldman Sachs to evaluate bids. Kohl's after rejecting a bid from Starboard-backed Acacia Research, at $64 per share, . Kohl's shares closed Tuesday at $49.39, compared with a 52-week high of $64.80. The stock was down more than 1% in early trade Wednesday. Ahead of Wednesday's vote, the major proxy advisory firms were split in their recommendations. Institutional Shareholder Services, or