As part of an agreement with activist investor Arkhouse Management, Macy’s Inc. has named Arkhouse candidates, Richard (Ric) Clark and Richard (Rick) L. Markee, as independent members of its board of directors.
Arkhouse has withdrawn its other director nominations as part of the deal, and Clark and Markee will join the board’s finance committee, which will evaluate the acquisition proposal from Arkhouse and Brigade Capital Management that began in December 2023 with a $5.8 billion buyout bid. Arkhouse boosted its bid in early March 2024 after putting forward a slate of nine board nominees in February 2024.
Tony Spring, Chairman and CEO of Macy’s, welcomed the new board members: “Ric and Rick bring leadership experience as well as valuable real estate and retail industry expertise, respectively, that is complementary to that of our other board members. We are confident the company will benefit from their additional perspectives,” he said in a statement.
“Ric Clark and Rick Markee bring tremendous dealmaking experience to Macy’s board and will be instrumental in maximizing value for shareholders,” said Gavriel Kahane and Jonathon Blackwell, Managing Partners at Arkhouse in a statement. “As a result of our efforts, our buyer group has begun receiving due diligence to progress discussions toward a potential transaction to acquire the company. The appointment of Clark and Markee to the board and the finance committee, which is tasked with reviewing our proposal and any alternative transactions, will ensure that our discussions continue to be constructive and that our proposal is treated seriously and expeditiously.”
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In February 2024 Macy’s launched its Bold New Chapter initiative, which includes plans to shutter 150 underproductive nameplate stores, in part as a response to Arkhouse’s criticisms.
