Macy's announces termination of Arkhouse proxy contest, adds two board nominees - TipRanks.com

Macy’s announced the appointment of two new independent directors, Richard Clark and Richard Markee, to its board of directors, effective immediately. The appointments of Clark and Markee follow the board’s engagement with Arkhouse Management, resulting in the withdrawal of its director nominations. The company is also implementing previously announced changes to its board, effective immediately. Tony Spring, chief executive officer and chairman-elect of Macy’s, has assumed the chairman role. In addition, Douglas Sesler, whose nomination to stand for election to the board at the 2024 annual meeting of shareholders was announced on March 14 has been appointed as an independent director. These changes follow the planned retirements of Jeff Gennette and Frank Blake from the Macy’s board. In connection with the Clark and Markee appointments, the Company has entered into an agreement with Arkhouse and its affiliates that provides for the withdrawal of Arkhouse’s director nominations, among other customary provisions. Clark and Markee will join the board’s finance committee, which in addition to its existing responsibilities, will oversee the evaluation of and make recommendations to the full board regarding the acquisition proposal submitted by Arkhouse and Brigade Capital Management. The agreement between the company and Arkhouse will be filed on a Form 8-K with the Securities and Exchange Commission. Following today’s Board appointments and retirements, the Macy’s, Inc. Board comprises 15 directors, 14 of whom are independent.

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