Target responds again to investor Ackman
Heath E. Combs -- Home Textiles Today, April 6, 2009
Minneapolis – Target today issued a statement confirming its position that a 12-member board of directors is the correct size – in response to preliminary proxy materials filed by dissident shareholder William Ackman’s Pershing Square Capital that asserts Target should have a 13-member board.
The company statement said: “We believe that the current Target board has the strength, diversity, experience and qualifications to provide effective and independent oversight and direction to the company. Target’s board consists of highly qualified directors, all but one of whom are independent. Each member of Target’s Board is committed to delivering superior results and serving the best interests of all Target shareholders.”
The statement reiterated the Target position supporting all four directors up for re-election at this year’s annual meeting, to be held May 28.
The statement today echoed one issued on March 16, responding to earlier demands by Ackman, who nominated himself and several affiliates for the four director positions – plus one additional director he said ought to exist following the retirement of Target chairman Robert Ulrich, which will become official on May 1.