Benzinga | Mar 29, 2021 08:42AM EDT

Kohl's Shareholder Macellum Advisors Issues Letter To Shareholders Criticizing Executive Compensation

Sends Letter to Shareholders Detailing Board's Persistent Actions to Lower the Bar and Reward Executives Despite Deteriorating Results and Stock Price Underperformance

Kohl's CEO Total Compensation Increased by 43% in 2020 -- While 85,000 Employees Were Furloughed for Several Months and Were Paid in Aggregate an Estimated 10% Less Compared to 2019

Three of the Five Directors Group Seeks to Replace Are Members of the Compensation Committee and Have Been Involved in Designing Deeply Flawed Compensation Program

Group Believes Its Highly-Qualified Nominees -- Who Possess Strong Retail Industry Experience -- Would Help Reverse Culture of Pay for Underperformance and Oversee Successful Turnaround of Company

Encourages All Shareholders to Vote on the White Proxy Card Today to Support Group's Nominees and Help Kohl's Reach Its Full Potential

Macellum Advisors GP, LLC (together with its affiliates, "Macellum"), Ancora Holdings, Inc. (together with its affiliates, "Ancora"), Legion Partners Asset Management, LLC (together with its affiliates, "Legion Partners"), and 4010 Capital, LLC (together with its affiliates, "4010 Capital" and, together with Macellum, Ancora and Legion Partners, the "Investor Group") today issued a letter to shareholders in connection with its nominations of five candidates for election to the Board of Directors (the "Board") of Kohl's Corporation (NYSE:KSS) ("Kohl's" or the "Company"). The Investor Group is deemed to beneficially own, in the aggregate, 14,696,905 shares of the Company's common stock, including 2,447,000 shares underlying call options currently exercisable, constituting approximately 9.3% of the Company's outstanding common stock.

The full text of the letter is below. The letter and additional materials are also available at: https://createvalueatkohls.com/.