{"id":1653171,"date":"2022-09-22T10:05:44","date_gmt":"2022-09-22T14:05:44","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1653171"},"modified":"2022-09-22T10:06:17","modified_gmt":"2022-09-22T14:06:17","slug":"exclusive-hedge-fund-ancora-seeks-ouster-of-kohls-ceo-chairman","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/exclusive-hedge-fund-ancora-seeks-ouster-of-kohls-ceo-chairman\/","title":{"rendered":"Exclusive-Hedge fund Ancora seeks ouster of Kohl\u2019s CEO, chairman"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"float:left\"><div class=\"counts mashsbcount\">18<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fexclusive-hedge-fund-ancora-seeks-ouster-of-kohls-ceo-chairman%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1653171&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><p>By Svea Herbst-Bayliss<\/p>\n<p>(Reuters) \u2013     Ancora Holdings, one of the hedge funds that spearheaded a board shake-up last year at Kohl\u2019s Corp, is now pushing for the removal of the U.S. retailer\u2019s chief executive and board chairman, according to a letter seen by Reuters.<\/p>\n<p>The move marks the beginning of a new round of shareholder unrest for Kohl\u2019s after the company explored a sale and decided in July to remain independent, leading to a plunge in its shares and disappointing investors who had pushed for a deal. <\/p>\n<p>Ancora, which holds a 2.5% stake in Kohl\u2019s, asked in the letter to Kohl\u2019s board on Thursday for the replacement of CEO Michelle Gass and board chairman Peter Boneparth with business leaders who have operating expertise and experience in turning companies around.<\/p>\n<p>The letter, which was signed by Ancora CEO Frederick DiSanto and President James Chadwick, did not say who the successors should be.<\/p>\n<p>\u201cKohl\u2019s needs new leadership with demonstrated experience in cost containment, margin expansion, product catalog optimization and, most importantly, turnarounds,\u201d the letter said.<\/p>\n<p>Ancora declined to comment. A Kohl\u2019s representative did not immediately respond to a request for comment.<\/p>\n<p>The Menomonee Falls, Wisconsin-based company, which operates more than 1,100 stores in the United States, has seen its stock tumble 48% in the last 52 weeks and reported a 63% drop in net income and 8% lower store sales in its most recent quarter that ended July 30. <\/p>\n<p>Kohl\u2019s rejected multiple offers to sell itself this year, telling bidders it believed its shares were worth more than $70 per share, Reuters previously reported. The stock ended trading on Wednesday at $27.90, giving it a market value of $3.3 billion.<\/p>\n<p>Ancora and two other investors reached a settlement with Kohl\u2019s in 2021 that led to three new directors joining the board. Ancora then became frustrated with the company\u2019s unsuccessful attempt to sell itself. <\/p>\n<p>Ancora called Gass a \u201ctalented leader\u201d in its letter, praising the partnership she developed with Sephora and for \u201cholding the organization together during the pandemic\u201d. But the hedge fund blamed her for an \u201cunsettling level of c-suite turnover\u201d and picking \u201csuboptimal personnel.\u201d<\/p>\n<p>Ancora also wrote that the nearly $60 million in total compensation that Gass was paid between 2017 and 2021 was too rich given the company\u2019s poor returns.<\/p>\n<p>Boneparth, who has been a Kohl\u2019s director since 2008 and became chairman this year, has helped create an environment in which Gass \u201cis no longer well-positioned to lead,\u201d Ancora wrote. <\/p>\n<p>Private equity firm Oak Street Real Estate Capital LLC has made an offer to acquire as much as $2 billion of property from Kohl\u2019s and have it lease back its stores, Reuters reported earlier this month. Kohl\u2019s said in July after the deal negotiations fell through that it was looking at ways to cash out on its real estate.<\/p>\n<p> (Reporting by Svea Herbst-Bayliss in Boston; Editing by Kim Coghill)<\/p>\n<p><a href=\"https:\/\/www.oann.com\/exclusive-hedge-fund-ancora-seeks\/the-logo-and-trading-informations-for-kohls-is-displayed\/\"><img decoding=\"async\" src=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-content\/uploads\/2022\/09\/tagreuters.com2022binary_LYNXMPEI8L0IV-BASEIMAGE.jpg\" alt=\"tagreuters.com2022binary_LYNXMPEI8L0IV-BASEIMAGE\" \/><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>By Svea Herbst-Bayliss (Reuters) \u2013 Ancora Holdings, one of the hedge funds that spearheaded a board shake-up last year at Kohl\u2019s Corp, is now pushing for the removal of the<\/p>\n","protected":false},"author":66,"featured_media":2315279,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"","fifu_image_alt":"","footnotes":""},"categories":[],"tags":[],"class_list":["post-1653171","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry"],"_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1653171","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/66"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1653171"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1653171\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2315279"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1653171"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1653171"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1653171"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}