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Dive Brief:
A coalition of activist investors is urging Target shareholders to vote against the reelection of its current leadership, namely Executive Chair Brian Cornell and Lead Independent Director Christine Leahy, at the company’s annual shareholder meeting in June.
Trillium Asset Management, SOC Investment Group and Mercy Investment Services sent a letter to Target shareholders last week, attributing the retailer’s lagging financial performance to a “series of operational and strategic missteps” that they said have “materially impaired the company’s brand.”
The investors cited Target’s decision to end some diversity, equity and inclusion initiatives, scale back Pride-themed merchandise and its limited response to U.S. Immigration and Customs Enforcement raids at its Minnesota locations as some of the “missteps” that have recently spurred consumer backlash and reputational harm.
