Activist investor Bill Ackman of Pershing Square sent another letter to Target shareholders in support of his slate of Board nominees yesterday. In the letter, Mr. Ackman criticized Target’s board for not having members with CEO-level operating experience in retail, credit card or real estate sectors. Mr. Ackman stated that “adding individuals with directly relevant experience to Target’s board of directors will help make Target a stronger, more profitable, and more valuable company.” In comparison, he believes “that the current board is suboptimal from a shareholder and corporate governance perspective.” The letter goes on to explain the backgrounds of his nominees and the potential impacts they could have at Target:
“((Jim Donald)), has over 30 years of experience in food retailing. Prior to becoming the CEO of Starbucks, Jim served as the Chairman and CEO of Pathmark and President and Manager of Safeway’s Eastern division. Jim began his grocery career from the ground floor, joining Albertson’s in 1976 where he quickly rose through its managerial ranks. In 1991, Jim was handpicked by Sam Walton to build out Wal-Mart’s presence in the grocery business. At Wal-Mart, Jim was a key executive in the development and expansion of the Wal-Mart Supercenter…”
“((Richard Vague)), has over 30 years of experience in the credit card and payment processing business. Richard served as Chairman and CEO of First USA, a company that he co-founded in 1984, which grew from a start-up to the single largest Visa credit card issuer in the United States when it was sold to Bank One in 1997. Under his leadership, First USA grew from $200 million in loans and 250 employees to $70 billion in loans and 22,000 employees…”
“((Michael Ashner)), is a senior executive in the real estate investment and management businesses. He is currently the Chairman and CEO of Winthrop Realty Trust, a NYSE-listed REIT. In addition, Michael is Chairman and CEO of Winthrop Realty Partners, L.P., a privately held property management firm which manages more than 20 million square feet of commercial real estate, including over 11 million square feet owned by Michael and his affiliates…” |
