In connection with the announcement, Kohl's said it has struck a cooperation agreement with Macellum Advisors – the activist investor that upended Bed Bath & Beyond's board of directors in 2019. The investment firm has made several attempts to shake up Kohl's leadership over the past two years. It also pushed for the sale of the company last year, a deal that fell by the wayside as the retail environment soured. This past fall, Macellum was advocating for the ouster of current chairman of the board Peter Boneparth.