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Cohen Acquires A Stake in Nordstrom And Seeks A Board Reorganization

Charlie Brooks

Feb 03, 2023 11:42

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People familiar with the situation said on Thursday that billionaire investor Ryan Cohen is amassing a substantial stake in Nordstrom Inc (NYSE:JWN) and aims to pressure the premium retailer to replace up its board as its performance has lagged behind rivals.


Cohen, who co-founded online pet retailer Chewy (NYSE:CHW) Inc and solidified his wealth with investments in gaming store GameStop (NYSE:GME) and Apple Inc (NASDAQ:AAPL), would like to replace at least one director on Nordstrom's 10-member board, according to people familiar with the matter.


Mark Tritton, who chairs the pay committee and has served as a director since 2020, appears to be the target of his criticism. Cohen has privately referred to Tritton, a former Bed Bath & Beyond (NASDAQ:BBBY) top executive, as "conflicted and unqualified," according to persons who were not authorized to discuss private conversations. This week, Reuters reported that Bed Bath & Beyond is ready to file for bankruptcy protection.


Thursday after-hours trading saw a 25% increase in the stock price as a result of Cohen's rumored connection with Nordstrom.


In the previous five years, Nordstrom shares have decreased by almost 55%, and ratings agency Fitch again downgraded the firm last month, citing its "weaker operating trajectory than most retailers."


While Cohen has not requested a meeting with us in several years, we are open to hearing his opinions, as we do with all Nordstrom shareholders, said a spokesman of the firm.


The Wall Street Journal was the first to report Cohen's Nordstrom interest.


Cohen is now one of the company's top five non-insider shareholders, alongside BlackRock (NYSE:BLK) and Fidelity, according to sources familiar with the matter.


Tritton was removed as CEO of Bed Bath & Beyond in June as part of a management shakeup, just a few months after Cohen had invested in the home goods company and lambasted it for an "overly ambitious" approach, overpaying executives, and failing to reverse market share losses.


Cohen has selected individuals with experience at retail and e-commerce companies as potential board replacements, sources say. Cohen desires to negotiate an agreement with the corporation without resorting to a proxy battle, according to the sources.


According to proxy documents, the deadline for publicly nominating Nordstrom board members is February 17.


Cohen, 37 years old and born in Canada, is estimated to be worth $2.5 billion. Two years ago, when he joined the board of GameStop, he caused a frenzy in the stock price that transformed the video retailer into a "meme stock" supported by retail investors.


The Nordstrom family founded Nordstrom, and insiders now hold approximately 30% of the company's shares, with brothers Erik and Peter serving as CEO and president, respectively. There are additional board positions. Cohen reportedly met with family members in Seattle, where the company's headquarters are located, and praised the company's customer service.


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