Christopher & Banks approved of a new nominee for its board of directors after the previous contender dropped out of the running.
The Plymouth-based women's apparel retailer said Monday that Seth R. Johnson, a former executive of Pacific Sunwear and Abercrombie & Fitch, will stand for election at the company's shareholders meeting in June.
He was selected by an activist shareholder, New York-based Macellum Capital Management, who reached a "support agreement" with the retailer after agitating for more than a year to add more board members with extensive retail experience.
"I look forward to Seth's input given his extensive experience in the retail industry as both a public company executive and board member," LuAnn Via, the company's chief executive, said in a statement. "His 30 plus years of experience in the industry will provide us with valuable insights as we continue to execute on our strategic initiatives and drive long-term growth and profitability."
Earlier this month, Macellum's first nominee, Bruce Klatsky, withdrew himself from consideration a few hours after the company issued a news release about his appointment. Company officials later said it had to do with material conflicts of interest.
The makeup of the retailer's board is in the midst of a big change as the company's turnaround efforts have stalled. Last month, Christopher & Banks announced that six board members will not seek re-election and that four new members would be added as part of the agreement with Macellum.
The other proposed additions to the board are Jonathan Duskin, Macellum's portfolio manager; Kent Kleeberger, a former executive at Chico's, and Laura Weil, a former executive with New York & Company.
Three current board members, including Via, will remain on the board.
Kavita Kumar • 612-673-4113
