T.Rowe Price says it plans to back Kohl’s nominees in proxy fight with Macellum
2022.04.21 03:52
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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
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By Svea Herbst-Bayliss
BOSTON (Reuters) – T. Rowe Price Associates, one of the biggest investors in Kohl’s Corp (NYSE:KSS), said it plans to back all of the department store’s directors, dealing a setback to activist hedge fund Macellum Advisors as it tries to take control of the board.
“We intend to vote FOR the 13 nominees presented by the Kohl’s board. We do not intend vote on the Macellum card,
and we will not support any of its 10 nominees,” T. Rowe Price said in a case study about how it intends to vote.
Investors will be able to vote at the May 11 meeting. T. Rowe Price owned 6.8 million shares or 5.29% of the company at the end of December.
Macellum, led by Jonathan Duskin, has criticized Kohl’s for not doing enough to improve its business and has publicly called for the company to put itself up for sale.
