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Kohl's Shareholder Ancora Urges Board To Appoint New Chairman, CEO

Ancora Holdings Group, LLC, a shareholder of Kohl's Corporation (KSS), said on Thursday that it has sent an open letter to the Kohl's Board urging it to appoint new Chairman and Chief Executive Officer as current leadership failed to deliver critical priorities following continues under performance.

Ancora believes that a succession plan to replace current Chairman Peter Boneparth and CEO Michelle Gass is essential to avert further deterioration in the company's performance. New leadership also a need of the hour to bring the Kohl's into the growth path to start producing enhanced value for shareholders over the long-term.

The shareholder also believes the company's botched strategic review, credit downgrade, dramatic decline in sales, elevated costs and poorly received standalone plan, and others have placed Kohl's on a grave condition with share price down 45 percent over the last year.

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