Kohl’s department store exterior in Minneapolis, United States. Shutterstock.
A group of activist investors with a combined 9.5 percent stake in Kohl’s Corp on Thursday reduced the number of directors it plans to nominate to the department store’s board from nine to five.
The group had last month nominated a slate including former executives of Macy’s Inc and Burlington Stores to Kohl’s board, in what it called an effort to add more retail experience to the company’s leadership and improve profitability.
Kohl’s rejected the move, calling it an attempt to “seize control” of its 12-member board. The company did not immediately respond to a request for comment on the group’s Thursday announcement.
The group, which includes Macellum Advisors GP LLC, Ancora Holdings Inc and Legion Partners Asset Management LLC, said it cut the number of nominees due to “the absence of meaningful progress towards a resolution” ahead of the start to its proxy campaign.
The five directors the group wants to replace from Kohl’s board include the chairman of its compensation committee and the chair of its audit committee.
Among the group’s nominees is Macellum Capital Management Chief Executive Officer Jonathan Duskin.
By Uday Sampath in Bengaluru; Editors: Saumyadeb Chakrabarty and Sriraj Kalluvila