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Macy’s Inc. revealed on Wednesday, April 10, that it has appointed two independent directors to its board, and they are the nominees being pushed by Arkhouse Management. This move subsequently settled a proxy fight that aimed to remove most of the board directors to acquire the company.
Newly Added Board Directors
According to Forbes, Macy’s added Richard (Ric) Clark and Richard (Rick) Markee to the board of directors. However, there was no mention of who exactly nominated them.
The department store chain said Clark and Markee would immediately join the finance committee, supervise the evaluation, and make recommendations for the acquisition proposal forwarded by Arkhouse and Brigade Capital Management, which Macy’s does not favor. In addition, Macy’s head of real estate, Douglas Sessler, an independent director, will also join the board.
Leadership Changes at Macy’s
On the other hand, Jeff Gennette and Frank Blake are reportedly set to retire. The company’s chief executive officer, Tony Spring, has now assumed the chairmanship role in addition to being CEO. The chief welcomed the new board members and said they are pleased to have Clark and Markee on board “as we advance our efforts to deliver value for shareholders.”
“The Macy’s, Inc. board is committed to acting in the best interests of all Macy’s Inc. shareholders, and the composition of our board is something we take seriously,” The Washington Post quoted lead independent director, Paul Varga, as saying in a statement.
Macy added, “The Board is open-minded about the best path to create shareholder value and is committed to continuing to take actions that it believes are in the best interests of the Company and all Macy’s, Inc. shareholders.”
Finally, Associated Press News reported that Macy’s confirmed this week that the board is engaging with Arkhouse and Brigade on their proposal for the acquisition. The company said it supplied them with some confidential information so that they could carry out due diligence for the buyout.
Photo by: MikeKalasnik/Flickr (CC BY-SA 2.0)
