Macy's, Inc. has announced significant changes to its board of directors, including the appointment of two new independent directors, Richard (Ric) Clark and Richard (Rick) L. Markee. The company has also implemented previously announced changes to its board, with Tony Spring assuming the chairman role and Douglas (Doug) W. Sesler joining the board. These changes follow the planned retirements of Jeff Gennette and Frank Blake from the Macy's, Inc. board.
The company's board now comprises 15 directors, 14 of whom are independent. The new appointments bring valuable expertise to the board, with Ric Clark bringing almost four decades of real estate, mergers and acquisitions, and capital markets experience, while Rick Markee has extensive retail leadership experience, having served in various roles at Vitamin Shoppe, Inc., Toys "R" Us, Inc., and currently serving on the board of Five Below, Inc.
In connection with the appointments of Clark and Markee, Macy's, Inc. has entered into an agreement with Arkhouse and its affiliates, resulting in the withdrawal of Arkhouse’s director nominations. The appointed directors will join the board’s finance committee, which will oversee the evaluation of and make recommendations to the full board regarding the acquisition proposal submitted by Arkhouse and Brigade Capital Management, LP.
The company continues to engage with Arkhouse and Brigade regarding their proposal to acquire Macy's, Inc. The board is open-minded about the best path to create shareholder value and is committed to taking actions in the best interests of the company and all Macy's, Inc. shareholders.
The recent changes and appointments demonstrate Macy's, Inc.'s commitment to its board composition and strategic direction, as it seeks to deliver value for shareholders and navigate potential acquisition proposals. The market has reacted to these announcements by moving the company's shares 0.9% to a price of $19.88. If you want to know more, read the company's complete 8-K report here.
