16517 Wed, 07/15/2009 - 12:02pm
MINNEAPOLIS–The Target shareholders have elected all four incumbent director nominees to its board, rebuffing an attempt by an activist shareholder to have his nominees chosen.
Mary N. Dillon, Richard M. Kovacevich, George W. Tamke and Solomon D. Trujillo all received new terms as directors of the mass merchant. In addition, shareholders voted to set the size of the board at 12 members. The vote was a denial of the move by Bill Ackman, chief executive officer of Pershing Square Capital Management, a hedge fund that owns stock in Target.
Earlier this year, Ackman introduced his slate of five director nominees and proposed that Target increase the size of the board to 13.
In a Target statement, Gregg Steinhafel, chairman, president and chief executive officer, said the reelection of the incumbent directors “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.”