Investor Group Asks Kohl's Shareholders To Vote On White Proxy Card To Support Director Nominees

An Investor Group, which owns about 9.3% of Kohl's corp. (KSS) outstanding common stock, said it is seeking the company's shareholders support on the WHITE proxy card to vote for five director nominees at the company's upcoming annual meeting of shareholders scheduled for May 12, 2021.

The nominees are Jonathan Duskin, Margaret Jenkins, Jeffrey Kantor, Thomas Kingsbury and Cynthia Murray.

The Investor Group consist of Macellum Advisors GP, LLC , Ancora Holdings, Inc., Legion Partners Asset Management, LLC, and 4010 Capital, LLC.

The investor group sent a letter to shareholders detailing board's persistent actions to lower the bar and reward executives despite deteriorating results and stock price underperformance.

The investor group alleged that Kohl's CEO total compensation increased by 43% in 2020, while 85,000 employees were furloughed for several months and were paid in aggregate an estimated 10% less compared to 2019.

The investor group noted that three of the five directors group seeks to replace are members of the compensation committee and have been involved in designing deeply flawed compensation program.

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