Macy’s appointed today two new independent directors Richard (Ric) Clark and Richard (Rick) Markee. It is not clear who nominated the directors. In addition, Douglas (Doug) W. Sessler who was nominated to stand for election as an independent director joins the board immediately while Jeff Gennette and Frank Blake retire from the board at this time. Tony Spring, CEO of Macy’s inc. now also assumes the chairmanship of the company in addition to being CEO.
Arkhouse and Brigade have withdrawn their director nominations. However, Macy’s continues to engage with Arkhouse and Brigade regarding their proposal to acquire the company. As previously disclosed, the Board entered into a confidential agreement with Arkhouse and Brigade io facilitate their access to confidential due diligence information and that process remains ongoing. In the release the following sentence is important: “The Board is open-minded about the best path to create shareholder value and is committed to continuing to take actions that it believes are in the best interests of the Company and al Macy’s, Inc. shareholders”.
The background of Richard Markee and Ricard Clark will be appended in short order