Big Lots has formed an agreement with Macellum Advisors and Ancora Advisors, who beneficially own approximately 9.8% of the company’s outstanding common shares, to appoint Andrew Clarke and Aaron Goldstein to the company’s board of directors, effective immediately.
The board will also nominate Thomas Kingsbury to stand for election as a new independent director at the company’s 2020 annual meeting of shareholders. Following the annual meeting, the board will be composed of 11 directors, 10 of whom are independent.
Clarke brings supply chain expertise, having served as chief financial officer for four years at C.H. Robinson, the largest freight broker in the U.S. and one of the biggest third-party logistics providers. Goldstein brings finance and investment banking expertise, having served as partner and portfolio manager at Macellum Capital Management since 2014. Kingsbury will bring decades of C-suite and board experience, along with deep off-price retail expertise from his more than ten years as CEO of Burlington Stores.
As part of the agreement with the investor group, the board has created a new capital allocation planning committee, consisting of Bruce Thorn, the company’s president and CEO, two current Big Lots directors, Wendy Schoppert, who will be the chair, and Cynthia Jamison, Clarke and Goldstein.
“Big Lots continues to focus on our transformational strategic roadmap to enhance performance and drive shareholder value over the long-term while we navigate the current COVID-19 crisis and the uncertain retail environment,” said James Chambers, chairman of the Big Lots board. “Aaron, Andrew, and Tom will each add important experience and skillsets that will complement well the areas of expertise brought by our existing directors. We look forward to working with them to advance our business strategy.”