Target shareholders re-elect four directors to the board

WAUKESHA, Wis. A huge sigh of relief whispered through an unfinished Target store in Waukesha, Wis., home to the chain’s annual meeting and battleground between Target’s current board of directors and a proxy challenge from Pershing Square Capital Management led by William Ackman, as the majority of shareholders expressed confidence in Target’s current direction by re-electing four incumbent directors to the board, judging by preliminary counts.

“On behalf of Target’s board of directors and management team, we thank our shareholders for their overwhelming support throughout this process,” stated Gregg Steinhafel, Target’s chairman, president and CEO. “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.”

Resuming their seats on Target’s board of directors: Mary Dillon, McDonald’s chief marketing officer; Richard Kovacevich, chairman Wells Fargo & Co.; George Tamke, a partner with Clayton, Dubilier & Rice, Inc.; and Solomon Trujillo CEO of Telstra Corp.

Shareholders also sided with the company in approving a measure that sets the board's size at 12 members, according to published reports.