US omnichannel retailer Kohl's and Investor Group reach agreement

As part of the agreement, two new independent directors nominated by the Investor Group, Margaret Jenkins and Thomas Kingsbury, will join the Kohl’s board of directors, as of the close of the 2021 Annual Meeting of Shareholders. An additional independent director identified by Kohl's, and agreed to by the Investor Group, Christine Day, will join the board at the same time.

Additionally, the company announced that it received notice from Steve Burd that he will retire from the board at the end of August 2021, and from Frank Sica that he will retire from the board next year in connection with the company’s 2022 Annual Meeting of Shareholders.

As part of the agreement, the board’s existing ad hoc finance committee will become a standing Finance Committee of the board, which Thomas Kingsbury will join. The purpose of the Committee will include assisting the board on its oversight of capital allocation decisions made by the company.

Also, as part of the agreement, the board expanded its existing share repurchase authorisation to $2 billion. Similar to past practices, the authorisation may be utilised to repurchase shares at the company’s discretion, subject to market conditions and other factors.

Christine Day has extensive expertise in retail, including experience in athleisure. Day is co-founder and the executive chairman of The House of LR&C, a new concept in retail with a focus on fashion and sustainability and doing good, and currently serves on the board of directors of Performance Kitchen. From 2008 to 2013, she served as the CEO of Lululemon Athletica, where she was a key driver in the company's significant growth in sales from less than $300 million to $1.5 billion and grew stores from less than 100 to 250. Prior to lululemon she spent more than 20 years at the Starbucks Corporation, in a variety of leadership positions.

Margaret Jenkins has extensive background in retail and consumer marketing management and advertising. She has served as a director for clothing retailer Citi Trends Inc. as well as for PVH Corp., an international apparel manufacturer and retailer.

Thomas A Kingsbury has more than 40 years of experience in the retail industry. He serves as an independent director at Big Lots, Inc, BJ’S Wholesale Club Holdings, Inc., and at Tractor Supply Co. Most recently, he served as the president and CEO of Burlington Stores, Inc. from 2008 until his retirement in September 2019.

Fibre2Fashion News Desk (RKS)