Target (TGT) Will Not Recommend Ackman or Suggestions By Pershing Square For Board
Target Corporation (NYSE: TGT) issued a statement regarding the announcement made by William "Bill" Ackman, founder and CEO of Pershing Square, that he intends to nominate five representatives for election to Target's Board of Directors at the company’s 2009 Annual Meeting of Shareholders.
Target's Board of Directors has determined to nominate for re-election at the 2009 Annual Meeting all four of the current directors whose terms expire at this year's meeting.
-Mary N. Dillon, Executive Vice President and Global Chief Marketing Officer, McDonald's Corporation
- Richard M. Kovacevich, Chairman, Wells Fargo & Company
- George W. Tamke, Partner, Clayton, Dubilier & Rice, Inc., and
- Solomon D. Trujillo, Chief Executive Officer, Telstra Corp. Ltd
The Board firmly believes that the re-election of these directors is in the best interest of Target shareholders.
After careful consideration, the Nominating Committee determined not to recommend that Mr. Ackman, or the other individual suggested by Pershing Square, be added to Target's Board of Directors.
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