Macy’s has ended its proxy battle with Arkhouse Management and Brigade Capital Management after refusing their proposed takeover bids to acquire the 166-year-old department store giant.
New York-based Macy’s said Wednesday that it will add two directors to its 15-person board: Ric Clark, a former executive at Brookfield, and Rick Markee, who also serves on the board of Five Below. Both individuals were nominated for board seats by Arkhouse.
Macy’s board “is committed to acting in the best interests of all Macy’s, Inc. shareholders, and the composition of our Board is something we take seriously,” Paul Verga, the board’s lead independent director, said in a statement.
This is a developing story and will be updated.