Kohl’s investors expected to reject all 10 of activist Macellum’s director nominees
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© Reuters. A shopper pulls a shopping basket at a Kohl’s department store in the Brooklyn borough of New York, U.S., January 25, 2022. REUTERS/Brendan McDermidBy Svea Herbst-Bayliss
BOSTON (Reuters), – Investors at Kohl’s Corp are likely to vote down all 10 director nominations by Macellum Advisors’ activist Macellum Advisors. This is according to sources who were present during Wednesday’s voting count.
A U.S. department-store chain is scheduled to host its annual meeting on Wednesday. This will also be the time when the official vote count for that year will be revealed.
Macellum, which was headed by Jonathan Duskin (an experienced investor), criticized Kohl’s business performance and encouraged the company to go public.
Company countered with the statement that their high-caliber board is equipped to carry out the company’s strategy. It urged shareholders not to vote for its 13 nominees. A number of investors voiced concern that the company was currently reviewing bids to buy itself.
Institutional Shareholder Services, an proxy advisory firm recommended Kohl’s investors vote for two of the 10 nominations made by Macellum.
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