To: All Macy’s, Inc. colleagues
A Message from Tony
Hi everyone,
You may have seen that we just issued a press release announcing one of our shareholders, Arkhouse Capital, notified us that it has nominated a group of individuals to stand for election to our Board at our 2024 Annual Meeting.
First, let me say, I recognize many of you may have questions about the continued news about this investor and what these nominations mean. Rest assured, we have a dedicated group of leaders working with our advisors on this matter. This latest action by Arkhouse has no bearing on our new strategy or our priorities for 2024 as we modernize how we work and redeploy resources to improve the customer experience. I look forward to sharing more details soon on our strategy to position Macy’s, Inc. for sustainable growth.
Now, let me share a bit more on what this news means for us and our next steps.
Macy’s, Inc. has a diverse, experienced and engaged Board who collectively bring expertise in areas relevant to Macy’s, Inc.’s business, strategy and guiding the Company in creating shareholder value. As we have shared, our Board and management team are open to value creation opportunities and have a proven track record of evaluating a broad range of options with that objective in mind. We remain committed to continuing to take actions that are in the best interests of the Company, our shareholders and other stakeholders, including you, our valued colleagues.
In terms of next steps, the Board’s Nominating and Corporate Governance Committee will review Arkhouse’s director nominations. As you may recall, Arkhouse, along with Brigade Capital, previously submitted an unsolicited non-binding proposal to acquire the Company that the Board determined was not actionable. Taking this into consideration, the Board will present its formal recommendation regarding director nominees in the Company’s definitive proxy statement ahead of our 2024 Annual Meeting, which has not yet been scheduled.
For now, the best thing you can do is remain focused on executing against our financial and operational objectives and serving our customers – across Macy’s, Bloomingdale’s and Bluemercury. Thank you for your ongoing commitment and hard work.