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 Target Corp. (NYSE:TGT) announced Thursday that shareholders have re-elected the retailer's incumbent directors "by a comfortable margin," defeating activist investor William Ackman, the founder of Pershing Square Capital Management LP, in his quest to gain five seats on the board.
The board will also remain at 12 instead of increasing to 13 directors. Pershing Square owns more than 7% of Target through stocks and options, and Ackman had vowed to keep his stake in the retailer for about five years even though the stock has lost 90% of its value since 2007. The proxy fight cost Ackman nearly $15 million. The investor has been lobbying for the retailer to try to capitalize on its real estate, has criticized the company for hanging onto more than half of its credit card business and had asked for board members with more retail experience. - Maria Woehr Here is a copy of the press release: Target Corporation (NYSE:TGT) announced today that, based on a preliminary vote count provided by its proxy solicitors, Target shareholders appear to have elected to the Target Board of Directors by a comfortable margin all four of the company's incumbent director nominees -- Mary N. Dillon, Richard M. Kovacevich, George W. Tamke, and Solomon D. Trujillo -- at the company's 2009 Annual Meeting of Shareholders. Shareholders also appear to have approved the proposal to set the size of the Board at 12. "On behalf of Target's Board of Directors and management team, we thank our shareholders for their overwhelming support throughout this process " said Gregg Steinhafel, Target's Chairman, President and Chief Executive Officer. "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." IVS Associates, Inc., the independent Inspector of Elections, has indicated that it expects to issue a preliminary tabulation of the vote results in three to four weeks. Final results of the election will be announced once they are certified by the Inspector. About Target Target Corporation's retail segment includes large general merchandise and food discount stores and Target.com, a fully integrated on-line business. In addition, the company operates a credit card segment that offers branded proprietary and Visa credit card products. The company currently operates 1,698 Target stores in 49 states. Target Corporation news releases are available at www.target.com.
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sloppy reporting. the stock hasn't "lost 90% of its value since 2007" -- ackman's fund lost 90% by leveraging its position.