Activist investor calls on Kohl's board of directors to oust chairman, CEO
, says it has spent nearly 18 months privately engaging with Kohl's leadership on recommendations to help turnaround its business.
Last year, Kohl's agreed to add three new directors to its board after Ancora, Macellum Advisors and Legion Partners Asset Management attempted to seize control. Sources familiar with the matter told FOX Business that Ancora believes former Burlington Stores CEO Thomas Kingsbury, who joined Kohl's board in 2021 as part of the settlement, could work as a possible successor for either Gass or Boneparth.
However, they blame Gass for an "unsettling level of c-suite turnover" and said she has selected "suboptimal personnel." They also said her nearly $60 million in compensation between fiscal years 2017 and 2021 was too much given the company's poor returns and alarming rate of shrink.
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