Ackman Gains Some Ground On Getting Target (TGT) Board Seat
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There continues to be a lot of moving parts in Bill Ackman's fight to get himself and his slate of directors on the board of Target Corporation (NYSE: TGT) and expand the board size to 13. A number of proxy advisor firm's have now issued recommendations and it appears that Mr. Ackman is gaining some support to change up the board at Target. Target's Annual Meeting will be held on Thursday, May 28, 2009.
Today, two more proxy firms weighed in:
- Glass Lewis recommended that shareholders vote for all four of Target's nominees - Mary N. Dillon, Richard M. Kovacevich, George W. Tamke, and Solomon D. Trujillo - and for the proposal to set the size of the Board at 12 on the WHITE proxy card at Target's 2009 Annual Meeting of Shareholders to be held on May 28, 2009.
- RiskMetrics Group said Target shareholders should elect Bill Ackman and former Starbuck's CEO Jim Donald.
- PROXY Governance recommended that shareholders of Target Corporation (NYSE: TGT) vote on Pershing Square's GOLD proxy card to reject Target's proposal to reduce the board size at 12 and to elect two of the Nominees for Shareholder Choice -- Michael Ashner and Jim Donald -- to the board of directors of Target at its 2009 Annual Meeting of Shareholders
- Egan-Jones recommended shareholders vote Target's WHITE proxy card, but has also recommended shareholder withhold votes from two of Target's nominees, Richard M. Kovacevich and George W. Tamke, because of independence concerns.
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TGT Perfect Storm
Go Ackman Go! on May 20, 2009 11:50 PMIf Target does not allow dissenting views, they will continue in this downward spiral. The main problem is Target's internal culture that rewards perceptions over actual performance. This will destroy Target if it is not stopped. So cheers to Ackman!