Macellum Issues Statement Regarding Kohl’s' Annual Meeting and Its Commitment to Holding the Board Accountable Until Meaningful Shareholder Value is Unlocked
11 Maio 2022 - 4:05PM
Business Wire
Macellum Advisors GP, LLC (together with its affiliates,
“Macellum” or “we”), a long-term holder of nearly 5% of the
outstanding common shares of Kohl’s Corporation (NYSE: KSS)
(“Kohl’s” or the “Company”), today issued the following statement
attributable to its Managing Partner, Jonathan Duskin:
“On behalf of myself, my firm and all our nominees, I want to
thank the shareholders who supported us and those who evaluated our
case for change. It’s unfortunate that many investors voting for
the incumbents seem to have bought into the narrative that change
in the boardroom would be too disruptive during a sale process and
possibly delay or jeopardize a near-term transaction. Although we
respect the outcome of this year’s contest, we firmly believe the
close vote validates the concerns we have articulated about the
current Board and its questionable handling of its ongoing sale
process. We believe the Board should not misconstrue today’s result
as a ringing endorsement of its preferred operating plan, which has
been met with considerable market skepticism.
In short, we contend this vote was a shareholder referendum for
a sale, and we look forward to learning of an announced transaction
on the quickest possible horizon. However, if Kohl’s is not sold,
all directors need to be held accountable for any value that is not
realized. We certainly will be there to bring that accountability
if very meaningful value is not created in the coming months.”
About Macellum
Macellum Capital Management is an activist investment firm, with
deep expertise in the retail and consumer sectors, founded in 2009
by Jonathan Duskin. Macellum invests in undervalued companies that
it believes can appreciate significantly in value as a result of a
change in corporate strategy or improvements in operations, capital
allocation or corporate governance. Macellum’s investment team,
advisors and network of industry experts draw upon their extensive
strategic, operating and boardroom experience to assist companies
in designing and implementing initiatives to improve long-term
shareholder value. Macellum prefers to constructively engage with
management to improve its governance and performance for the
benefit of all stockholders. However, when management is
entrenched, Macellum has run successful proxy contests to
effectuate meaningful change. Macellum has run successful election
contests to effectuate meaningful change at many companies,
including at The Children’s Place Inc., Citi Trends, Inc., Bed Bath
and Beyond and Big Lots, Inc. Learn more at
www.macellumcapitalmanagement.com.
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version on businesswire.com: https://www.businesswire.com/news/home/20220511006018/en/
Longacre Square Partners Greg Marose / Casie Connolly,
646-386-0091 macellum@longacresquare.com
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