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'Reward for failure': Investor support for Target chair Brian Cornell falls to lowest level ever

Executive Chairman Brian Cornell was re-elected to the board with 87.2% shareholder support, the lowest level of his career. This decline follows a 50% drop in share price and three years of falling sales. New CEO Michael Fiddelke is now leading the company's turnaround efforts.

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What changed

Investor support for Brian Cornell dropped to 87.2% during the annual general meeting.

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  1. Target Chair Brian Cornell Sees Record Low Investor Support

    Executive Chairman Brian Cornell was re-elected to the board with 87.2% shareholder support, the lowest level of his career. This decline follows a 50% drop in share price and three years of falling sales. New CEO Michael Fiddelke is now leading the company's turnaround efforts.

    What's confirmed:

    • Brian Cornell was re-elected as executive chairman with 87.2% shareholder support.
    • Cornell's support fell from his usual 95% to 87.2%, which is below the S&P 500 average of 96.6%.
    • Target's share price has decreased 50% from its peak.
    • The retailer has experienced three years of sales declines.
    • Michael Fiddelke is the new CEO of Target.
    • Brian Cornell previously grew Target into a company valued at over $100 billion.

    Still unconfirmed:

    • Some investors view Cornell's role as executive chairman as a reward for failure.
    • Major pension funds voted against Cornell due to poor long-term performance.
    • Analysts have observed a modest uptick in same-store sales.
    confidence 95%