Kohl’s Corporation
In Brief
A negotiated settlement was reached in April of 2021 whereby Kohl’s agreed to add 3 independent directors to the board including industry icon Tom Kingsbury, the former CEO of Burlington Stores. Also, as part of the settlement, Kohl’s agreed to expand its repurchase authorization to $2bn of its stock or roughly 25% of the market capitalization at the time. Lastly, the Company formed a new capital allocation committee including our representative.
Activist Materials
- October 13, 2022: Macellum Issues Letter to Fellow Shareholders Regarding its Desire to Collaborate with the Kohl’s Board of Directors on an Immediate and Targeted Refresh
- May 27, 2022: Macellum Issues Statement Regarding the Need for the Kohl’s Board to Complete a Value-Maximizing Sale as Retail Sector Peers Outperform
- May 20, 2022: Macellum Issues Statement Regarding the Kohl’s Board’s Apparent Breach of Fiduciary Duty and Failure to Disclose Material Information Prior to 2022 Annual Meeting
- May 11, 2022: Macellum Issues Statement Regarding Kohl’s’ Annual Meeting and Its Commitment to Holding the Board Accountable Until Meaningful Shareholder Value is Unlocked
- May 9, 2022: Macellum Issues Final Letter to Kohl’s Shareholders Summarizing its Case for Boardroom Change
- April 25, 2022: Macellum Issues Rebuttal Presentation That Exposes and Refutes the Distortions in Kohl’s’ April 21 Presentation
- April 20, 2022: Macellum’s Presentation Detailing the Urgent Need for Meaningful Change in Kohl’s’ Boardroom
- April 20, 2022 : Macellum’s Video ‘Opportunities at Kohl’s’
- April 4, 2022: Macellum Issues Letter to Kohl’s Board Regarding the Need for a Transparent Update on the Company’s Sale Process
- March 22, 2022: Macellum Issues Letter to the Kohl’s Shareholders
- March 18, 2022: Macellum Files Definitive Proxy Statement
- March 4, 2022: Macellum Highlights Key Concerns With Kohl’s Strategy Ahead of Analyst Day
- February 24, 2022: Macellum Highlights Pattern of Anti-Shareholder Actions and Poor Corporate Governance at Kohl’s
- February 18, 2022: Macellum’s Preliminary Proxy Statement
- February 10, 2022: Macellum Nominates Ten Highly Qualified and Independent Candidates for Election to the Kohl’s Board of Directors
- February 4, 2022: Macellum’s Response to Kohl’s
- January 25, 2022: Letter to KSS Board of Directors
- January 18, 2022: Letter to KSS Shareholders
- Apr 14, 2021: Kohl’s and Investor Group Reach Agreement
- Apr 6, 2021: Letter to KSS Shareholders
- Mar 29, 2021: Letter to KSS Shareholders
- Mar 05, 2021: Letter to KSS Stockholders
- Feb 22, 2021: Investor Group Nominates Nine Highly-Qualified Independent Candidates for Election to Kohl’s Board
- Feb 22, 2021: Letter to KSS Stockholders