Kohl’s Activist Gets Some Support From ISS for Board Changes
- Adviser backs two director candidates put forth by Macellum
- Retailer has rejected activist’s moves, saying it’s on track
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The activist investor pushing to replace most of the board of Kohl’s Corp. received a boost from a prominent shareholder advisory firm that urged the retailer’s investors to support some of its slate.
Institutional Shareholder Services Inc. on Friday urged investors to back two of Macellum Advisors’ board candidates, Jeffrey Kantor and Pamela Edwards, saying their independence and retail experience could help Kohl’s execute a standalone plan should it fail to find a buyer. Putting some of the activist’s people on the board could also assuage investor skepticism over its ongoing strategic review, ISS added in a report.