Holdings group calls for removal of Kohls chair, CEO
Activist investor Ancora Holdings Group is pushing for the removal of both the chairman and the chief executive officer at Menomonee Falls-based Kohl’s Corp., according to a report from Madison.com. Ancora calls for the removal for what it calls a botched strategy and dramatic sales declines. In a letter to the board, Ancora said Kohl’s must come up with a new plan and replace chairman Peter Boneparth and CEO Michelle Gass. The group owns 2.5% of outstanding shares in the department store chain and has pressured the company over the past 18 months to turn things around and has been able to get three of its directors installed on the company board.