Kohl’s shareholders rejected all 10 board nominees pushed by activist investor Macellum Advisors and instead voted in support of the existing board.
The department store said that shareholders have voted to re-elect all 13 of its director nominees, according to a preliminary tally at its shareholders’ meeting.
Kohl’s has faced increasing pressure from activist hedge fund Macellum Advisors, which has urged the chain to explore strategic options, including a sale, if the chain doesn’t take action to improve its business and increase its stock price.
Macellum Advisors owns 5% of Kohl’s shares and had put up its own slate of director candidates.
