THE WHAT? Arkhouse Management has announced the nomination of nine, independent candidates for election to Macy’s Board of Directors at the 2024 Annual Meeting of Shareholders. Arkhouse submitted an offer to acquire the department store owner in December last year for US$21 per share, which was roundly rejected.
THE DETAILS The nominees include seasoned executives from across the real estate and retail worlds, including the former CEO of Victoria’s Secret, Sharen Turney; and the former CEO of Hudson’s Bay and Vice Chairman of Target, Gerald Storch.
THE WHY? Gavriel Kahane and Jonathon Blackwell, Arkhouse Managing Partners, explained in a statement sent to GCN, “The Board’s history of poor performance and continued refusal to engage constructively with our credible and motivated buyer group have led us to the decision to nominate a slate of highly qualified, independent directors to reconstitute Macy’s Board. While we do not make this decision lightly, we did so to preserve our ability to protect the rights of all shareholders. We firmly believe that our slate of nominees possesses the necessary backgrounds and expertise to evaluate all potential avenues to unlock the substantial unrealized value at the Company that the current directors appear unwilling to pursue. We urge the Board to specifically identify any additional information they are seeking regarding our financing so that we may alleviate any of their outstanding concerns.”
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