In a press release on Monday, Target Corporation responded to activist investor Bill Ackman of Pershing Square’s slate of five nominees for Target’s Board. The company is determined re-elect all four of the current directors whose terms expire. They include: Mary N. Dillon, EVP and Global Chief Marketing Officer of McDonald's Corp., Richard M. Kovacevich, Chairman of Wells Fargo, George W. Tamke, Partner of Clayton, Dubilier & Rice, and Solomon D. Trujillo, CEO of Telstra Corp.
In the press release, the company stated:
“We are disappointed that Pershing Square has decided to pursue a costly and disruptive proxy contest, especially in light of our previous dialogue. Target has a long history of being responsive to shareholders and has engaged in numerous discussions with Pershing Square over a 20 month period…After careful consideration, the Nominating Committee determined not to recommend that Mr. Ackman, or the other individual suggested by Pershing Square, be added to Target’s Board of Directors. Target’s Board subsequently considered and accepted the recommendation of the Committee.” |
