Investor support for Target chairman Brian Cornell hits record low

Key Points:

• Target's former CEO and current executive chairman Brian Cornell experienced a significant drop in shareholder support at the company's recent annual general meeting, receiving 87.2% approval—down 4% from last year and below the S&P 500 average of 96.6%.
• Cornell transitioned from CEO to executive chairman in February amid declining profits, falling share prices, and three consecutive years of sales declines, leading some investors and analysts to view his continued board role as a "reward for failure."
• Target has faced criticism for inventory mismanagement, underinvestment in stores, and backlash over social justice issues, contributing to a 50% drop in its share price since 2021 despite recent signs of improvement under new CEO Michael Fiddelke.
• Major public pension funds, including Florida's and New York's, voted against Cornell citing poor long-term performance, reflecting growing investor dissatisfaction with Target's leadership and strategy.
• Activist investors also pushed for changes on the board, targeting both Cornell and lead independent director Christine Leahy, signaling increased pressure on Target's board to respond or risk further shareholder dissent in future meetings.