Billionaire investor Ryan Cohen is building a large stake in Nordstrom Inc and plans to push the upscale retailer to shake up its board as its performance has lagged behind rivals, people familiar with the matter said on Thursday.
Nordstrom shares have dropped roughly 55% over the past five years, and ratings agency Fitch again downgraded the company last month, saying that its "operating trajectory has been weaker than most retailers."
Tritton was ousted as Bed Bath & Beyond's CEO as part of a management shakeup in June just a few months after Cohen had taken a stake in the home goods retailer and criticized it for an "overly ambitious" strategy, for overpaying executives and failing to reverse market share losses. The window to publicly nominate directors at Nordstrom closes on Feb. 17, according to proxy materials.
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