$63.3 billion Target Corporation is bracing for a “costly and disruptive” proxy battle for control of five spots on the retailer’s board of directors. Initiating the fight is activist investor William Ackman of Pershing Square Capital Management, Target’s third-largest investor.
The five-member slate announced March 17 includes Ackman; Jim Donald, former CEO of Pathmark and Starbucks; Michael Ashner, CEO of Winthrop Realty Trust; Ronald Golson, a Stanford Law School professor; and Richard Vague, the former CEO of First USA bank. If elected, Ackman’s nominees will hold five of the 13 seats on Target’s board.
