Glass Lewis urges Kohl’s shareholders to back management directors -report
2022.05.03 23:16
FILE PHOTO: The Kohl’s label is seen on a shopping cart in a Kohl’s department store in the Brooklyn borough of New York, U.S., January 25, 2022. REUTERS/Brendan McDermid
BOSTON (Reuters) – Proxy advisory firm Glass Lewis on Tuesday recommended that Kohl’s Corp (NYSE:KSS) investors elect all of the 13 board nominees put forth by management, dealing a blow to activist investment firm Macellum Advisors which is pushing to take control of the board.
Glass Lewis said the company has taken meaningful steps to boost sales and profitability and that it’s stock performance has been reasonably in line with industry peers and concluded that it does not make sense for investors to back the dissident’s slate. Macellum nominated 10 director candidates.
“We are not convinced that the dissident’s slate of nominees would represent a marked improvement” over the company’s directors, the report, which was seen by Reuters, said.
