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Activist investor Ryan Cohen is amassing a sizable stake in Nordstrom Inc.
JWN,
and intends to urge the upscale department-store chain to make changes to its board following a steep share-price decline, according to people familiar with the matter.
Cohen, known for helping ignite big rallies in so-called meme stocks including GameStop Corp.
GME,
is one of the top-five nonfamily shareholders of Nordstrom, the people said.
Cohen, who built his fortune on online pet retailer Chewy Inc.
CHWY,
hopes to engage with Nordstrom’s management about a targeted board refresh that he believes can support cost-cutting efforts as sales decline, the people said. He has expressed admiration for Nordstrom’s attention to customer service, they added.
His goal is to replace at least one director, with a particular focus on former Bed Bath & Beyond Inc.
BBBY,
Chief Executive Mark Tritton, who chairs the compensation committee and whom Cohen views as conflicted and unqualified, the people said.
An expanded version of this report appears on WSJ.com.
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