An activist investor that has been pressing Kohl’s for a new strategy to turn around struggling operations is again attempting to shake up the department store’s board.
Macellum Advisors GP, LLC, which controls nearly 5% of the outstanding common shares of Kohl’s Corp., wants some long-term directors ousted, including Chairman Peter Boneparth. Macellum said Boneparth is part of a “shadow board.
After the resounding defeat in May, Kohl’s said Thursday that it is disappointed that Macellum, has launched a “disruptive public campaign for the third time.” The company said that it has regularly engaged with Macellum over the past two years to listen. Last year, Macellum nominated nine directors. In a settlement in April 2021, Kohl’s agreed to add two directors from the activists’ slate, along with an independent director.
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