Target responds again to investor Ackman
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 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.
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