A hedge fund that agitated for a board shake-up last year at US department store operator Kohl’s Corp, now wants the company to replace its current chief executive and board chairman, according to a report by Reuters.
The report cites a letter sent to Kohl’s by Ancora Holdings, which owns a 2.5% stake in the business, as requesting that both CEO Michelle Gass and board chairman Peter Boneparth are replaced. Anocora wants executives with experience in turning companies around to be appointed instead.
The letter, which was signed by Ancora CEO Frederick DiSanto and President James Chadwick, did not say who the new appointees should be.
Koh’s, which operates mores than 1,100 stores across the US,
Has seen its share price fall by almost half in the past year, and also reported a 63% drop in net income and 8% lower store sales in its most recent quarter ended 30 July.
