Activist Investor Ancora Looks to Oust Kohl’s CEO, Chairman - WSJ

Activist Investor Ancora Looks to Oust Kohl’s CEO, Chairman

Letter to retailer’s board urges changes after sharp drop in profit and scrapping of potential sale

The Federal Reserve approved a third consecutive 0.75 percentage point rise on Wednesday. Chairman Jerome Powell said he expects interest-rate increases to continue as the Fed fights high inflation. Photo: Kevin Lamarque/Reuters

Ancora Holdings Inc., the activist investor that helped install three directors on the Kohl’s Corp. board last year, is now trying to force out the retailer’s chairman and chief executive.

In a letter sent to the Kohl’s board Thursday, Ancora said the retailer needs new leadership after a slow recovery from the pandemic, a sharp drop in profit and the scrapping of a potential sale to Franchise Group Inc.

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