Target Corporation shareholders have turned down a proposal aimed at dividing board chair and executive leadership responsibilities, the retail giant announced Friday following its annual meeting.
The measure received backing from 38.1% of voting shareholders, representing an increase from the 29% support a comparable proposal garnered in 2024, but still falling short of the majority needed for approval.
This outcome enables former CEO Brian Cornell to maintain his position as executive chair, a role he took on when Michael Fiddelke assumed the chief executive position.
The retailer’s annual shareholder meeting on June 10 saw all 12 director candidates successfully elected to the board. Vote tallies were verified by independent inspector Carideo Group, with approximately 392.5 million shares participating in the voting process, accounting for about 86.4% of outstanding shares.
Earlier this week, sources familiar with the proceedings confirmed that shareholders also defeated two additional proposals concerning pesticide disclosure requirements and microfiber emission reporting.
This governance initiative represents the most recent effort by investors to restructure Target’s leadership framework. The company has faced six comparable proposals since 2014, all of which have been unsuccessful, with the highest level of support reaching 45.8% in 2014.
The Minneapolis-based retailer continues to face challenges with growth rates that lag behind competitors Walmart and Costco, as changing consumer purchasing patterns and intense price competition create headwinds.
Target’s most recent quarterly earnings report in May indicated signs of improvement, though company executives have warned that challenging economic conditions may continue to impact customer demand going forward.
