STEPPING UP: Peter Boneparth is stepping up at Kohl’s Corp., taking over from Frank Sica as independent chair.
Sica said in April that he would retire from his spot on the board and, in a regulatory filing on Wednesday, the company said “the board unanimously decided to appoint Peter Boneparth as independent chair following Mr. Sica’s retirement effective as of the 2022 annual meeting.”
Boneparth, who was president and chief executive officer of Jones Apparel Group from 2002 to 2007 and more recently has been working with private equity firms, has been on the Kohl’s board since 2008.
While board seats can often be quiet gigs — at least outwardly — at least some of Boneparth’s work as a Kohl’s director was revealed in regulatory filings detailing the retailer’s fight with activist investors, including Macellum Advisors, Ancora Holdings Inc., Legion Partners Asset Management and 4010 Capital.
As the activists pushed for changes at the company, Boneparth had a virtual sit down, fielding “their concern with the company’s declining returns on invested capital, stagnant sales and the lowest operating margin in a decade.”
But Boneparth, who famously feuded with Ralph Lauren Corp. over the Lauren better sportswear license, is not one to back down from a fight.
The two sides eventually reached an agreement that brought three fresh faces to the Kohl’s board that Boneparth is now set to lead.
The board also named independent director Michael Bender as the incoming chair of its nominating and environmental, social and governance committee as of its next annual meeting. He takes the position from Boneparth.
The Kohl’s board also declared a quarterly cash dividend of 25 central, payable on Dec. 22.
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