Kohl’s Adds New Board Members in Agreement With Activist Group

Kohl’s Corp. agreed to add new members to its board as the retailer reached an agreement with activist shareholders that had been pushing for an overhaul.

The company will add two new independent directors nominated by the group, which includes Macellum Advisors, Ancora Holdings, Legion Partners Asset Management and 4010 Capital. Another director -- identified by Kohl’s and agreed upon by the investors -- will also be added. The new members will join the board at the end of the company’s annual shareholder meeting.

Kohl’s shares rose as much as 1.3% shortly after the start of New York trading.

“I ...