Target rebuffs Ackman on board slate

-- Home Textiles Today, 3/17/2009 9:10:00 AM

Minneapolis – Target Corporation late yesterday issued a statement rejecting the recent announcement by investor William Ackman wherein he put himself and four others up for nomination to seats on the Target board of directors.

Target said its board will nominate for re-election “all four of the current directors whose terms expire at this year’s meeting,” which is slated for May 28.

“We are disappointed that [Ackman’s company] Pershing Square has decided to pursue a costly and disruptive proxy contest, especially in light of our previous dialogue,” Target said, noting its nominating committee had met with Ackman and had considered both him and one of his candidates. The other three names were not announced by Ackman until later, Target noted.

The Target board consists of 12 directors, 11 of whom are independent. The four being re-nominated by the company are: Mary N. Dillon, evp 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, ceo, Telstra Corp. Ltd.