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Glass Lewis urges Kohl’s shareholders to back management directors -report -Breaking

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© Reuters. FILE PHOTO: The Kohl’s label is seen on a shopping cart in a Kohl’s department store in the Brooklyn borough of New York, U.S., January 25, 2022. REUTERS/Brendan McDermid

BOSTON, (Reuters) – Proxy advisory company Glass Lewis recommended Tuesday that Kohl’s Corp. (NYSE:) shareholders elect the 13 nominees for the board. This was a major blow to Macellum Advisors, an activist investor who is trying to take over the board.

Glass Lewis claimed that the company took meaningful steps to improve sales and profitability. The stock’s performance is comparable to industry peers. Glass Lewis concluded that backing the dissident slate makes no sense. Macellum has nominated 10 directors.

The report that was seen by Reuters stated, “We aren’t convinced that dissidents’ slate of nominees will represent a marked improvement” over company directors.

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