Retailers, consumers and prices
Check out the proxy battle royale going on at Target’s annual meeting in Waukesha, Wisconsin.
Shareholders at the company’s annual meeting also will decide whether the board should be 12 members, as Target wants, or expands to 13, as Ackman prefers.
Ackman has said he is running the proxy contest to add executives to Target’s board who have expertise in credit cards, real estate and food retailing, while Target maintains he simply wants to push through a risky real estate transaction.
Ackman, a hedge fund manager and activist investor, urged Target’s shareholders to vote down the discount retailer’s proposal to set its board size at 12 members and argued that his five nominees for the board, including Ackman himself, were better suited to serve in that capacity.
His letter is the latest action in the battle between Ackman and Target over boardroom seats at the retailer. Last month, Target said it was determined to re-elect four directors, prompting a letter from Ackman to Target CEO Gregg Steinhafel contesting the board’s size.