Kohl’s said Wednesday that it re-elected all 13 of its board of director nominees at its annual shareholders’ meeting, based on a preliminary vote tally.
Macellum Advisors, an activist investment firm, had put up its own slate of nominees to replace 10 of Kohl’s board members, saying that the company should consider selling itself or spin off its e-commerce arm.
The results were a victory for Kohl’s current leaders and a defeat for critics who wanted the retailer to pursue a different strategy under new leaders.
“Investors voting for Kohl’s to retain its current directors represents a much-needed confidence boost for Michelle Gass and her management team,” Neil Saunders, a retail analyst at GlobalData, said in a note to clients. “We have seen far too many past Wall Street interventions in retail end in disaster.”
“The [board] remains focused on running a robust and intentional review of strategic alternatives while executing our strategy to drive shareholder value,” Peter Boneparth, Kohl’s board chairman, said in a statement Wednesday. “Kohl’s has a bright future ahead.”