NEW YORK — The hedge fund manager advocating a slate of new directors for Target Corp. on Tuesday promised to keep his firm invested in the Minneapolis-based retailer for the length of his tenure on the board if elected.
William Ackman, head of Pershing Square Capital Management, in a release noted that Target's current directors hold less than 0.02% of the company's stock, while Perishing Square is Target’s third largest holder with a 3.3% stake. Ackman and a slate of directors are running against Target's board nominees in voting set for the retailer’s annual meeting Thursday.
Ackman’s group has advocated a number of initiatives to improve shareholder returns at Target, including spinning off its real estate holdings.
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