In support of the company’s broader Corporate Social Responsibility (CSR) platform focused on family health and wellness, Kohl's announced it will donate $5 million, over four years, to Children’s Hospital of Wisconsin to help launch a multi-year mental health strategy to improve mental health services for Wisconsin kids and their families. The grant will directly address the state’s need for greater access to mental health services for children and generate awareness about the impact a child’s mental health has on his or her holistic well-being. “Kohl’s shares Children’s Hospital of Wisconsin’s commitment to children’s health and wellness, and we’re proud to elevate our nearly 20-year partnership with this amazing institution,” said Michelle Gass, Kohl’s chief executive officer. “We applaud the efforts Children’s Hospital of Wisconsin is making to break down barriers and increase access to services and resources that support mental wellness by addressing stress, anxiety, trauma, depression, and other issues that so many kids across the country face today.” Click Read More below for additional detail.
InnerWorkings, Inc. (NASDAQ: INWK) (the “Company”), the leading global marketing execution firm, today announced that it has entered into a cooperation agreement with Engaged Capital, LLC (“Engaged Capital”). As part of the cooperation agreement, the Company has added two new independent directors, Kirt P. Karros and Marc Zenner, to the Board of Directors (the “Board”), effective immediately.
“The InnerWorkings Board is committed to best-in-class governance and we are pleased to welcome Kirt and Marc to our Board,” said Jack Greenberg, Chairman of the Board. “We look forward to working together to drive sustainable growth and enhance value for all InnerWorkings stockholders.”
The appointment of Messrs. Karros and Zenner will temporarily expand the Board to 11 director seats. Following the 2019 Annual Meeting, the Board will be composed of nine directors, eight of whom are independent and five of whom will have been appointed in the last five years. Additionally, Engaged Capital has agreed to customary standstill, voting and related provisions.
“We are pleased to have reached a constructive agreement with the Board of InnerWorkings,” added Glenn W. Welling, Founder and CIO of Engaged Capital. “We have confidence in Rich’s leadership and we expect the Company to continue executing on its initiatives to drive long-term growth and profitability. The addition of Kirt and Marc as directors will also bring fresh perspectives along with financial and strategic guidance on the opportunities available to the Company to increase value for the benefit of all stockholders.”
The complete agreement between the Company and Engaged Capital will be included as an exhibit to the Company’s Current Report on Form 8-K, which will be filed with the U.S. Securities and Exchange Commission (the “SEC”). Additional details regarding the 2019 Annual Meeting of Stockholders will be included in the Company’s definitive proxy materials, which will also be filed with the SEC.
Stifel is serving as financial advisor and Sidley Austin LLP is serving as legal advisor to InnerWorkings. Olshan Frome Wolosky LLP is serving as legal advisor to Engaged Capital.