Key facts
- Target shareholders voted against separating the board chair and executive leadership roles.
- The proposal received 38.1% support, exceeding the 29% achieved in a similar 2024 measure.
- Brian Cornell will remain as executive chair of the board.
- All 12 director nominees presented at the meeting were elected.
- The vote results were certified by Carideo Group, based on 86.4% of outstanding shares.
Target shareholders have rejected a proposal to separate the roles of board chair and executive leadership, with 38.1% of votes in support. This outcome allows former CEO Brian Cornell to continue in his role as executive chair, a position he assumed after handing over the CEO title to Michael Fiddelke.
During the June 10 meeting, all 12 director nominees were elected, with results certified by Carideo Group. The vote represented approximately 86.4% of Target's outstanding shares, totaling about 392.5 million shares voted.
This governance proposal marks the latest in a series of attempts by investors to split Target's leadership structure. Six similar proposals since 2014 have failed, with the highest support recorded in 2014 at 45.8%. The retailer is currently navigating slower growth compared to rivals like Walmart and Costco, facing shifting consumer spending patterns and intense pricing competition.