Activist investor group Macellum Advisors is once again pushing for board seats at Kohl’s Corp. and the ouster of its chairman, according to a letter from the hedge fund to the shareholders on Thursday.
Macellum owns about 5 percent of the retailer and wants its candidates to replace some of the long-tenured directors, including chairman Peter Boneparth and members of its executive committee.
Earlier this year, Macellum pushed to replace ten directors when the retailer first tried to sell itself, but investors rejected the move in May.
Kohl’s decided against a sale and chose to remain independent in July.
Last month, Ancora Holdings, one of the hedge funds that spearheaded a board shake-up last year, sought to remove Kohl’s chief executive and board chairman.
In its letter to investors revealed Thursday morning, Macellum said it had recently approached the board to work together on a refresh, but the chairman rebuffed that.
Macellum’s managing partner Jonathan Duskin wrote in part, “We believe that had the true degree of business deterioration, senior executive departures and flawed sale process been known by shareholders at the time of the 2022 Annual Meeting, there may have been a different outcome, which is why we write today. We believe there is an urgent need for change now rather than waiting another eight months for another contested election at the 2023 Annual Meeting. If our fellow shareholders agree, we hope you will make your voices heard.”
