Kohl’s shareholders re-elect board, rejecting activist calls for overhaul

Kohl’s Corp. KSS, -2.79% announced Wednesday that shareholders voted to re-elect all 13 members of the department-store retailer’s board, rejecting calls from activist investors Macellum Advisors GP, LLC to overhaul the directors. “The Board remains focused on running a robust and intentional review of strategic alternatives while executing our strategy to drive shareholder value,” said Peter Boneparth, Kohl’s chairman, in a statement. Macellum has accused the company of “mismanaging” the business. Kohl’s has also received takeover offers in recent weeks. Kohl’s stock has edged down 0.9% for the year to date while the S&P 500 index SPX, +0.58% has sunk 15.5% for the period.