Ancora Holdings Inc., the activist investor that helped get three directors installed on the board of
last year, is now trying to have the retailer’s chairman and chief executive removed.
Franchise Group Inc.
Ancora’s letter recommends the replacement of
chief executive of the company since 2018, and
who became chairman earlier this year but has been on the board since 2008.
“During the Boneparth era, the board has created an environment in which Ms. Gass is no longer well-positioned to lead,” the letter said.
Ancora takes particular issue with the board’s decision to reject multiple offers for a sale this year for being too low, including a $9 billion takeover offer that would have supplied investors with $64 a share in cash.
The department-store chain’s actions in the months that followed, as choppiness in the financing markets suppressed deal making, have destroyed billions of dollars in shareholder value and “painted the company into a corner,” Ancora said.
A representative for Kohl’s didn’t immediately respond to a request for comment.
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