Activism activity is in full swing. This week, Ancora Holdings, Inc., Legion Partners Asset Management and Macellum Advisors GP took a large stake in Kohl’s, the Wall Street Journal reported, a group campaign otherwise known as a “wolf pack.” The group of activists is calling for the department store chain to reduce inventory levels and improve its marketing efforts around promotions and discounts. This isn’t the first time this team of activists has banded together, having successfully pushed Bed Bath & Beyond to replace five of its board members in 2019.
Principal Financial Group announced plans to launch a strategic review and appoint two new directors amidst pressure from Elliott Management to sell its life insurance business and refocus on its wealth management operations, Bloomberg reported. Maliz Beams, the former CEO OF Voya Financial, has been tapped to fill one of the board seats.
According to Reuters, Starboard Value is prepping to launch a board challenge against Box Inc., unless the company takes action to enhance shareholder value. The New York-based hedge fund previously threatened to launch a board challenge in 2020, backing off in exchange for three board seats. The U.S. cloud services company has come under scrutiny after failing to take advantage of the work-from-home trend brought on by the COVID-19, something many of its peers have done.
Have a great weekend,
Joel
