Kohl's appoints three new directors in agreement with investors

Kohl’s Corporation has entered into a settlement agreement with its investor group consisting of Macellum Advisors, Ancora Holdings, Legion Partners Asset Management and 4010 Capital, which collectively own 9.3 percent of the company’s stock.

As part of the agreement, two new independent directors nominated by the investor group, Margaret Jenkins, a former marketing executive at restaurant chain Denny’s and Thomas Kingsbury, former CEO of Burlington Stores, will join the Kohl’s board at the close of the 2021 annual meeting of shareholders. Christine Day, former CEO of Lululemon is an additional independent director identified by Kohl's, who will also join the board at the same time.

“We are pleased to further strengthen our board with the addition of Christine, Margaret and Tom as part of our continued refreshment process. Today’s agreement reflects our board’s ongoing dialogue with our shareholders and our commitment to maximizing long-term value for all stakeholders,” ” said Kohl’s Chairman Frank Sica in a release.

“I look forward to working with our newly expanded board to further advance our transformative strategy and deliver results for shareholders,” added Kohl’s CEO Michelle Gass.

Additionally, the Company announced that it received notice from Steve Burd that he will retire from the Board at the end of August 2021, and from Frank Sica that he will retire from the Board next year in connection with the Company’s 2022 Annual Meeting of Shareholders.

Also, as part of the agreement the board’s existing ad hoc finance committee will become a standing finance committee of the board, which Thomas Kingsbury will join. The board expanded its existing share repurchase authorization to 2 billion dollars.