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.
Lest anybody accuse Pershing Square Capital Management of running a proxy battle at Target Corp for a quick return, its head William Ackman pledged to keep his stake in the retailer for the greater of five years or the duration of his tenure on Target’s board, if he gets elected.
“As a commitment to Target shareholders and to reflect my confidence in the long-term value of the company, if I am elected to Target’s board of directors I pledge to keep that stake invested in Target,” Ackman said in a statement on Tuesday.