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Kohl’s board unanimously supports the CEO

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Hours after hedge fund Ancora Holdings publicly called out the department store find a replacement for CEO Michelle Gass and board chairman Peter Bonepart, Kohl’s said its board “unanimously supports Michelle Gass and her leadership.” Ancora, which was part of a successful bid to shake up the retailer’s board last year, owns 2.5% of Kohl’s.

“We remain committed to maximizing value and acting in the best interests of all our shareholders while focusing on running the business, and the Board of Directors continues to actively engage with management to navigate the current retail environment,” Kohl’s said in an emailed statement.

There is an anchor acting for Thomas Kingsburywho joined Kolya’s council as part of last year overhaul under the leadership of an activist, to take over as CEO or chairman, Axios reported Thursday. Ancora did not immediately respond to a request for comment. As a board member, Kingsbury himself on Thursday would have supported keeping Gus as executive director.

Since then, the pressure on Kohli’s management has only increased abandoned the takeover bid from the owner of the Vitamin Shoppe Franchise Group in July. Some analysts, including those at Credit Suisse, said the company had moved so slowly that the worsening macroeconomic conditions allowed Franchise to cut its offer from $60 a share to $53.

Whatever happens next, the department store must somehow halt what analysts at UBS predict will continue to be a losing stock. The retailer will lose more than a quarter of its market share from 2011 to 2021, mostly to discount retailers, Amazon and brands, according to UBS researchers.

https://www.retaildive.com/news/kohls-board-unanimously-backs-ceo-michelle-gass-against-activist-investor-ancora/632495/ Kohl’s board unanimously supports the CEO

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