Nordstrom shares surge as Cohen takes stake
Investor Ryan Cohen took a stake in the department store chain Nordstrom Inc., the Wall Street Journal reported. People familiar with the matter said that he is now among the top shareholders in the company and that he plans to urge it to "make changes to its board following a steep share-price decline."
Cohen reportedly wants to get at least one executive replaced, including board member Mark Tritton, "who chairs the compensation committee and whom Mr. Cohen views as conflicted and unqualified." The investor has also "recruited a pair of director candidates" who could be appointed to the vacated seats on the board, sources said, adding that Cohen hopes to reach a private deal with the company.
Nordstrom's shares soared 30.79% in after-hours trade following the report.