Kohl’s reaches agreement with activists, plans for new board members

Customers leave a Kohl’s store on November 12, 2015 in San Rafael, California.

Justin Sullivan | Getty Images News | Getty Images

Kohl’s said Wednesday an agreement had been reached with the group of activist investors who have sought to take control of the retailer’s board.

Two new independent directors nominated by the investors, Margaret Jenkins and Thomas Kingsbury, will join Kohl’s board of directors at the end of the 2021 annual general meeting. Jenkins was previously chief marketing officer for Denny’s and El Pollo Loco restaurant chains, and Kingsbury was previously CEO of Burlington Stores.

At the same time, Kohl’s will add another independent director, Christine Day, with the support of investors. Day was CEO of sportswear chain Lululemon from 2008 to 2013.

Kohl’s shares gained around 1% in premarket trading.

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