WAUKESHA, Wis. — Gregg Steinhafel, chairman, president and chief executive officer of Minneapolis-based Target Corp., thanked William Ackman, the man who led the challenge against management's slate of directors at yesterday's annual meeting here for his efforts to improve shareholder value, according to reports from the meeting.
Management's four nominees were re-elected by a preliminary vote count of “more than 70%,” the company said yesterday — an outcome Steinhafel said “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.”
Ackman, the principal at New York-based Pershing Square Capital Management, which owns 7.8% of Target’s stock, had launched a proxy fight in March to elect himself and four others to the Target board. One of his nominees was Jim Donald, former chairman, president and CEO of Pathmark Stores and former CEO of Starbucks.
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