Ancora Issues Statement of Support Regarding Management Transition at Kohl’s

Rhea-AI Summary

Ancora Holdings Group, LLC, holding 2.5% of Kohl’s Corporation (NYSE: KSS), issued a statement regarding a management transition. Ancora expressed satisfaction with the appointment of Tom Kingsbury as interim CEO, a nominee from Ancora's shareholder group in 2021. They believe Kingsbury’s retail experience will enhance Kohl's leadership and drive value for investors, customers, and employees. Ancora also supports Kingsbury and Margaret Jenkins in forming a committee to identify a permanent CEO, emphasizing the need for operational expertise in the company’s leadership.

Positive

• Appointment of Tom Kingsbury as interim CEO brings strong retail experience.
• Formation of a committee including Kingsbury and Margaret Jenkins to find a permanent CEO.
• Ancora emphasizes potential value creation under new leadership.

Negative

• Concerns about the need for a turnaround in operational expertise.
• Management transition could signal instability in leadership continuity.

CLEVELAND--(BUSINESS WIRE)-- Ancora Holdings Group, LLC (together with its affiliates, “Ancora” or we”), which is the beneficial owner of approximately 2.5% of the outstanding shares of Kohl’s Corporation (NYSE: KSS) (“Kohl’s” or the “Company”), issued the below statement regarding the Company’s announced management transition.

Fredrick D. DiSanto, Chairman and Chief Executive Officer of Ancora, and James Chadwick, President of Ancora Alternatives LLC, commented:

“As outlined in our September 22^nd letter to the Kohl’s Board of Directors, it is the right time for the Company to pivot to a leadership team with enhanced operational expertise and strong turnaround experience. We are very pleased that Kohl’s will be appointing retail sector veteran Tom Kingsbury, who was nominated by our shareholder group in 2021, as its interim Chief Executive Officer. We are also pleased that Tom and our group’s other designee, Margaret Jenkins, will be part of the new committee tasked with identifying the right permanent leader for the business. Ancora has been a long-term shareholder of Kohl’s and believes that under the right leadership, the Company can be a source of tremendous value for investors, customers suppliers and employees.”

About Ancora

Founded in 2003, Ancora Holdings Group, LLC offers integrated investment advisory, wealth management and retirement plan services to individuals and institutions across the United States. The firm's comprehensive service offering is complemented by a dedicated team that has the breadth of expertise and operational structure of a global institution, with the responsiveness and flexibility of a boutique firm. For more information about Ancora, please visit https://ancora.net.

View source version on businesswire.com: https://www.businesswire.com/news/home/20221108005790/en/

Longacre Square Partners

Charlotte Kiaie / Miller Winston, 646-386-0091

ancora@longacresquare.com

Source: Ancora Holdings Group, LLC

FAQ

What is the significance of Ancora's statement on Kohl's management transition?

Ancora, holding 2.5% of Kohl's shares, stated that the management transition is crucial for enhancing operational expertise and driving value.

Who is Tom Kingsbury and what role will he play at Kohl's?

Tom Kingsbury is appointed as the interim CEO of Kohl's, bringing retail sector expertise to lead the company during this transition.

What are Ancora's expectations for Kohl's under new leadership?

Ancora expects the new leadership to create significant value for investors, customers, suppliers, and employees.

Why did Ancora push for a management change at Kohl's?

Ancora believes that a leadership team with strong turnaround experience is essential for Kohl’s future success.