Kohl’s shareholders have voted to re-elect its existing slate of 13 board directors, staving off an effort by activist investors that were seeking an overhaul.
According to published reports, had been pushing for a change in leadership saying the retailer had underperformed in recent years. Macellum nominated 10 candidates for the Kohl’s board of directors. Additionally, the firm had been advocating for the retailer to sell itself and shed some of its real estate.
“While we have had differences with Macellum, this board is committed to serving the interests of all our shareholders,” said Peter Bonepath, chairman of the Kohl’s board of directors. “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.”
Despite the setback for the effort by Macellum, its CEO, Jonathan Duskin, said his firm will not be going away anytime soon.
He told CNBC, “I think the vote was a referendum on a sale, and people who voted for the company bought the narrative that any changes of the board in the middle of this process had run the risk of disrupting the process.”