Sep 22, 2022 - Economy

Activist investor Ancora wants Kohl's chair and CEO out

Kohl's storefront

Photo: Bruce Bennett/Getty Images

Ancora Holdings is calling on the board of department store Kohl's to remove both its chair and CEO and replace them with executives with turnaround experience, the activist investor said Thursday.

Why it matters: Third time's a charm? Ancora was part of a group of activists that successfully pushed for a shakeup of Kohl's board last year.

  • That was then followed by an unsuccessful proxy fight earlier this year by Macellum Capital Management to make further changes.

Details: The hedge fund cited a failed strategic review, a credit downgrade and falling sales as reasons for the board to make the changes at the top, noting that rivals Macy's and Dillard's both saw sales grow during the pandemic.

More details in today's Axios Pro Retail Deals

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