An Activist Investor Demands That Kohl’s Sells or Splits Off Its Online Business
In this day and age, when you can’t get the job done as CEO of a public company you are probably going to get attacked by an activist investor.
Such is the case yet again with Kohl’s (KSS) and its CEO Michelle Gass.
Engine Capital — a new activist investor in Kohl’s — dropped a scathing new letter on Monday to the Kohl’s board of directors. In the letter, Engine Capital demands Kohl’s considers a sale in its entirety or splits off its online business (similar to what activist investor Jana is begging Macy’s to do).
The Engine Capital campaign marks the second time Gass and Kohl’s have been targeted for the underperformance of the stock and business in 2021. Back in April, Kohl’s settled with the activist group led by Macellum Advisors. The settlement involved a board shakeup and the approval of a new $2 billion stock buyback plan.
