Target Re-elects Brian Cornell With 87.2% Support as Board Backing Hits Decade Low
Updated
Updated · CNBC · Jun 22
Target Re-elects Brian Cornell With 87.2% Support as Board Backing Hits Decade Low
1 articles · Updated · CNBC · Jun 22
Summary
87.2% of Target shareholders backed Brian Cornell for board re-election at this month's annual meeting, his lowest support since joining in 2014 and down 4 points from a year earlier.
The weak vote followed Cornell's February shift from CEO to executive chair after three years of annual sales declines, shrinking profits and a share price still about 50% below its 2021 peak.
Large public pension managers in Florida and New York voted against Cornell, citing poor long-term performance, while activists also targeted lead independent director Christine Leahy, whose support fell to 88.5%.
Target argues separating the chair and CEO roles lets new CEO Michael Fiddelke focus on the turnaround; he won 99% support as first-quarter comparable sales rose 5.6%, though the company says some spending was tax-refund driven.
Governance experts said support below 90% is rare and signals unusual shareholder dissatisfaction, increasing pressure on Target's board to show clearer change before next year's meeting.