02:30 PM EDT, 04/10/2024 (MT Newswires) -- Macy's (M) elected two independent directors nominated by activist shareholder Arkhouse Management, ending a proxy battle as the parties continue to engage over a potential acquisition of the department store operator.

Macy's added Arkhouse nominee Richard Clark, the former chief executive of Brookfield Property Group, and Richard Markee, who previously served as CEO of Vitamin Shoppe and as a board member at Five Below (FIVE).

Macy's said Wednesday that it implemented previously announced board changes, with CEO Tony Spring assuming the role of chairman. Douglas Sesler, who previously served as Macy's head of real estate, was appointed as an independent director. Macy's in March nominated Sesler for election to the board.

Clark and Markee "bring leadership experience as well as valuable real estate and retail industry expertise, respectively, that is complementary to that of our other board members," Spring said in a statement.

Clark and Markee will sit on the board's finance committee, which is tasked with reviewing a buyout proposal for Macy's from Arkhouse and Brigade Capital Management. Last month, the firms increased the per-share consideration of their all-cash proposal to acquire Macy's to $24 from $21.

"As a result of our efforts, our buyer group has begun receiving due diligence to progress discussions toward a potential transaction to acquire the company," Arkhouse managing partners Gavriel Kahane and Jonathon Blackwell said in a separate statement.

The appointment of Clark and Markee "will ensure that our discussions continue to be constructive and that our proposal is treated seriously and expeditiously," they said.

The board is engaging with Arkhouse and Brigade and "is open-minded about the best path to create shareholder value," Macy's said.

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