Macy's (NYSE:M) has settled its proxy fight with real estate investor Arkhouse, adding two new directors to its board.
The department store announced Wednesday that it has appointed Richard Clark and Richard Markee, two independent directors, to its Board of Directors, effective immediately.
The appointments of Arkhouse nominees Clark and Markee follow the company's engagement with the investment firm, which resulted in the withdrawal of its director nominations.
Clark is a former executive at Brookfield, while Markee is also on the board of Five Below, a discount retailer.
Macy's stated: "The Board is open-minded about the best path to create shareholder value and is committed to continuing to take actions that it believes are in the best interests of the Company and all Macy's, Inc. shareholders."
Furthermore, Macy's said it is continuing to engage with Arkhouse and Brigade regarding their proposal to acquire the company and has begun to provide Arkhouse and Brigade with certain confidential due diligence information. The process remains ongoing.
Arkhouse made an offer to take Macy's private in 2023. The investor, working with Brigade Management, has since increased its offer numerous times.