Kohl’s shareholders reject nominees pushed by activist

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 Wednesday that shareholders have voted to re-elect all 13 of its director nominees, according to a preliminary tally at its shareholders’ meeting. Kohl’s did not disclose the tally.

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 it didn’t take action to improve its business and increase its stock price. Macellum Advisors, which owns 5% of Kohl’s shares, had put up its own slate of board nominees.

Kohl’s Corp. is slated to report its fiscal first-quarter financial results on May 19.