Retail News Breaks Archives
Target shareholders support company's board
June 13th, 2014
MINNEAPOLIS – Target Corp. shareholders endorsed the action the company is taking to recover from its data breach and its poor start in Canada, rejecting a call to oust the company's board of directors.
Shareholders also rejected a nonbinding proposal calling for the company to have an independent chairman.
"After a challenging year, we appreciate the continued support of our shareholders as we work to make Target an even stronger company," said Roxanne Austin, interim nonexecutive chair of Target’s board of directors. "During this proxy season, we have had a productive dialog with many of our investors, and we look forward to continued engagement in the weeks and months to come. Along with the management team, we continue to focus on the following three priorities for Target: increasing U.S. traffic and sales; improving Canadian operations; and accelerating the company’s digital transformation to become a leading omnichannel retailer. While the search for Target’s next chief executive officer is ongoing, the board is working closely with the management team to make meaningful progress on each of these priorities."
Target announced Friday that Carideo Group Inc., the independent inspector of elections, has certified all the voting results for Target's 2014 annual meeting, held on June 11. The final tabulation indicates that approximately 557 million shares were voted, representing 88% of shares outstanding on the record date.
Each of the 10 board nominees was elected for a one-year term by the majority of votes cast. Shareholders also approved Target's executive compensation package.