Activist investor pushes for removal of Kohl's chairman, CEO
NEW YORK (AP) — Activist investor Ancora Holdings Group is pushing for the removal of both the chairman and the chief executive officer at Kohl's for what it calls a botched strategy and dramatic sales declines.
Ancora, which owns 2.5% of outstanding shares in the department store chain, has pressured the company over the past 18 months to turn things around and has been able to get three of its directors installed on the company board.
In a letter to the board Thursday, Ancora said Kohl's needs to come up with a new plan and replace chairman Peter Boneparth and Chief Executive Michelle Gass.
The company said its board supports its leaders.