The Target Corporation (TGT) announced yesterday that a preliminary tally of votes suggest that investors have comfortably re-elected all four of the retailer’s incumbent director nominees, which include: Mary N. Dillon, Richard M. Kovacevich, George W. Tamke, and Solomon D. Trujillo. Shareholders also voted in support of a measure that locks the size of the company’s board to its current number of 12. The announcement is a big blow to activist investor Bill Ackman and his firm Pershing Square. The hedge fund manager, which owns 3% of Target, has led an extended and much publicized campaign for its own slate of four “independent” nominees.
In the press release, Target’s Chairman, President and CEO Gregg Steinhafel stated “on behalf of Target’s Board of Directors and management team, we thank our shareholders for their overwhelming support throughout this process…Today’s outcome demonstrates the confidence Target shareholders have in our Board’s qualifications, diversity and experience to provide effective and independent oversight and direction to the company, contributing to the creation of one of the most recognized brands in the United States. We remain dedicated to serving the interests of all shareholders by sustaining Target’s competitive advantage, driving continued profitable growth and generating substantial shareholder value over time.” |
