By Senad Karaahmetovic
Activist investor and billionaire Ryan Cohen is reportedly building a “sizeable” stake in Nordstrom (NYSE: JWN ), the Wall Street Journal reports. Cohen is reportedly one of the top 5 non-family shareholders of JWN, which had a $3.38 billion market capitalization based on yesterday’s closing price of $21.14 a share.
The investor is planning to push for board changes as shares trade about 75% off their all-time high set in 2015. Cohen, who became a billionaire by founding pet retailer Chewy (NYSE: CHWY ), intends to talk to management about refreshing the board which could result in cost-cutting actions to offset falling sales.
“While Mr. Cohen hasn’t sought any discussions with us in several years, we are open to hearing his views, as we do with all Nordstrom shareholders,” a Nordstrom spokeswoman told WSJ in a statement. “We will continue to take actions that we believe are in the best interests of the company and our shareholders.”
The activist investor is reportedly specifically aiming to replace Mark Tritton, the former Chief Executive of Bed Bath & Beyond (NASDAQ: BBBY ), whom he sees as “conflicted and unqualified.” Tritton chairs the compensation committee at Nordstrom. A pair of director candidates have already been recruited by Cohen for potential nomination to JWN’s board, the WSJ report adds.
Cohen had a big stake in Bed Bath & Beyond and was known for criticizing the company’s management. He reportedly netted $60 million by selling his stake in the troubled retailer last August.
Add Chart to Comment
We encourage you to use comments to engage with users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:
- Enrich the conversation
- Stay focused and on track. Only post material that’s relevant to the topic being discussed.
- Be respectful. Even negative opinions can be framed positively and diplomatically.
- Use standard writing style. Include punctuation and upper and lower cases.
- NOTE: Spam and/or promotional messages and links within a comment will be removed
- Avoid profanity, slander or personal attacks directed at an author or another user.
- Don’t Monopolize the Conversation. We appreciate passion and conviction, but we also believe strongly in giving everyone a chance to air their thoughts. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
- Only English comments will be allowed.
Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.