Ryan Cohen, the meme-stock investor turned activist, failed to appoint directors to Nordstrom Inc. after amassing a stake in the retailer with the aim of replacing at least one board member, according to people with knowledge of the matter.
(Bloomberg) — Ryan Cohen, the meme-stock investor turned activist, failed to appoint directors to Nordstrom Inc. after amassing a stake in the retailer with the aim of replacing at least one board member, according to people with knowledge of the matter.
Cohen had notified Nordstrom of his intention to nominate two board candidates at Nordstrom’s annual meeting but withdrew that notice, said the people, who asked to not be identified because the matter isn’t public.
Cohen’s push was detailed in a proxy statement Monday that described a notice from “a shareholder” who intended to nominate board members. The people familiar with the matter said that shareholder was Cohen.
Representatives for Cohen and Nordstrom declined to comment.
Read more: Ryan Cohen Builds Nordstrom Stake With Eye on Board Changes
Cohen’s push for changes at Nordstrom’s board had particularly focused on Mark Tritton, the former chief executive officer of distressed retailer Bed Bath & Beyond Inc., the people said.
When news of Cohen’s stake was reported in February, Nordstrom said that it was open to hearing Cohen’s views, saying at the time that he hadn’t sought any discussions with the company in several years. About 30% of the company’s shares are owned by insiders, according to data compiled by Bloomberg.
This week, Nordstrom announced the appointment to the board of Eric Sprunk, Nike Inc.’s former chief operating officer. Sprunk’s appointment expanded the board to 11 seats.
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