Also Shifts Annual Shareholders’ Meeting to June
MINNEAPOLIS--(BUSINESS WIRE)--Sep. 10, 2009--
Target Corporation (NYSE:TGT) announced today that its board of
directors has approved amendments to Target’s Articles of Incorporation
that, if approved by shareholders, would declassify the board’s
structure. Approval of the amendments requires support by 75 percent of
outstanding shares at Target’s 2010 shareholders’ meeting.
If the amendments are approved, nominees for the class of directors
whose terms expire at the 2010 meeting will be elected for one-year
terms, and beginning with the 2011 shareholders’ meeting, all director
nominees will be elected for one-year terms.
In addition, the board of directors approved changes to the company
Bylaws that permit the annual meeting of shareholders to be held in
June. The change in the timing of this meeting, which is effective
beginning in 2010, accommodates board member attendance at the annual
shareholders’ meeting.
“Target has a long history of strong corporate governance and
responsiveness to shareholders,” said Jim Johnson, Target’s lead outside
director. “As a result of shareholder input and the board’s ongoing
review of its governance practices, the board believes that these
changes are in the best interest of Target and its shareholders.”
About Target
Target
Corporation’s retail segment includes large, general merchandise and
food discount stores, and a fully integrated on-line business called
Target.com. In addition, the company operates a credit card segment that
offers branded proprietary and Visa credit card products. The company
gives more than $3 million each week to its local communities through
grants and special programs. The company currently operates 1,719 Target
stores in 49 states.
Source: Target Corporation
Target Corporation
Investors:
John Hulbert, 612-761-6627
or
Media:
Eric
Hausman, 612-761-2054
