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By
Reuters
Published
Jun 19, 2009
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Target says Ackman got 19% of vote

By
Reuters
Published
Jun 19, 2009

LOS ANGELES, June 18 (Reuters) - Target Corp (TGT.N) on Thursday 17 June released the final vote count from its contentious annual meeting where investors soundly rejected dissident shareholder William Ackman's slate of five director nominees.


Womenswear at Target - Summer 2009

Ackman got 19 percent of votes cast, while former Starbucks Corp (SBUX.O) Chief Executive James Donald received 22 percent of the vote.

Ackman's other nominees, Michael Ashner, Ronald Gilson and Richard Vague each won 8 percent of the vote.

All four of Target's incumbent director nominees -- Mary Dillon, Richard Kovacevich, George Tamke and Solomon Trujillo -- received more than 70 percent of votes cast.

About 560 million shares were voted, representing 74 percent of outstanding shares, Target said.

At its annual meeting on May 28, the retailer said the five nominees on Ackman's slate received support ranging from the high single digits to the low 20s in terms of the percent of votes cast.

Target spent roughly $11 million defending itself during the proxy contest with Ackman, whose Pershing Square Capital Management had a 7.8 percent stake in Target when votes were cast. (Reporting by Lisa Baertlein; Editing by Richard Chang)

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