June 12 (Reuters) - Target on Friday said its shareholders rejected a proposal to separate the roles of board chair and executive leadership, with 38.1% votes in support — above the 29% level achieved by a similar measure in 2024.
The outcome allows former CEO Brian Cornell to continue as executive chair, a role he assumed after handing over the CEO position to Michael Fiddelke.
Here are a few details from the big-box retailer's annual general meeting:
• All 12 director nominees were elected at the
June 10 meeting, Target said.
• The results, certified by independent inspector Carideo Group, were based on about 392.5 million shares voted, representing roughly 86.4% of shares outstanding, the company added.
• On Wednesday, Reuters reported the shareholder proposal was rejected, alongside two others, including measures related to pesticide disclosures and microfiber emissions, according to two sources with direct knowledge of the vote.
• The governance proposal marks the latest in a series of attempts by investors to split Target's leadership structure. Six similar proposals since 2014 at Target have failed, with support peaking in 2014 at 45.8%.
• The retailer has been grappling with slower growth relative to rivals Walmart and Costco, amid shifting consumer spending and aggressive pricing competition.
• In May, the company reported its quarterly results, which showed signs of recovery, but Target has cautioned that a tough macroeconomic environment could continue to pressure demand.
(Reporting by Sanskriti Shekhar in Bengaluru; Editing by Joyjeet Das)
