Saturday, September 20, 2014
FAIRFIELD-SUISUN, CALIFORNIA
99 CENTS

Target’s final tally shows dissent against board

By
From page B12 | June 15, 2014 |

NEW YORK — Target Corp.’s final shareholder vote tally showed a rise in dissent against key board members, highlighting how a massive data breach is eroding faith among its investors.

All 10 nominees were elected to the board Wednesday at the discounter’s annual shareholders’ meeting. But the rise in votes against several key directors shows that Target, based in Minneapolis, has a lot of work to do to shore up confidence among the investor community.

The investor dissatisfaction comes at one of the most tumultuous times in Target’s history as the discounter faces challenges on all fronts ranging from the data breach to a botched-up expansion in Canada. The company fired its CEO Gregg Steinhafel in early May and is looking for a new leader.

The shareholder dissent follows a recommendation by Institutional Shareholder Services last month to shareholders to get rid of seven out of 10 directors who serve on the company’s audit or corporate committees because they failed to spot the pre-Christmas security threat. The breach compromised credit card and personal information of millions of customers and exposed big security flaw. That move seemed to influence the shareholders’ votes.

All seven members who were targeted by ISS saw at least 19 percent of the shares cast were against each of them, according to the results released by Target.

Among the hardest hit were James A. Johnson, who was once the CEO at Fannie Mae, and Anne Mulcahy, former chair and CEO at Xerox. Of the 557 million shares voted — representing 88 percent of shares outstanding on the record — Target says that 37.1 percent of the votes cast were against Johnson, while 36.4 percent were against Mulcahy. Twenty-two percent of the votes were cast against board member Roxanne S. Austin, who is serving as interim nonexecutive chair of the board.

One shareholder proposal that called for creating an independent chairman was backed by a strong 45.8 percent of the votes, while nearly 54 percent were against the proposal. The company’s Chief Financial Officer John Mulligan is serving as interim CEO.

The other two shareholder proposals — one that was against Target’s discrimination policy and the other that was against executive perks — both received the support of less than 4 percent of the votes.

As for the management’s proposal to approve the company’s executive compensation plan, 77.9 percent of the votes supported it, while 22.1 percent were against it.

“During this proxy season, we have had a productive dialogue with many of our investors, and we look forward to continued engagement in the weeks and months to come,” said Austin in a statement.

In an address to shareholders Wednesday, Mulligan reiterated to investors three priorities: revitalizing Target’s U.S. business by constantly testing new products; becoming a digital leader and catering to shoppers jumping back and forth between online and physical stores; and improving operations in Canada.

Last month, Target cut its annual profit outlook and said its first-quarter earnings fell 16 percent. Target is overhauling its security and technology departments and its systems.

 

The Associated Press

The Associated Press

LEAVE A COMMENT

Discussion | No comments

The Daily Republic does not necessarily condone the comments here, nor does it review every post. Read our full policy

.

Solano News

Solano jobless rate drops, jobs rise

By Barry Eberling | From Page: A1, 2 Comments

 
 
Memorial focuses on hope, healing from addiction

By Amy Maginnis-Honey | From Page: A1, 1 Comment | Gallery

Vacaville High graduate shines at tech event

By Brad Stanhope | From Page: A2

 
New law aimed at urban water district reports

By Amy Maginnis-Honey | From Page: A3

Travis celebrates KC-10′s 20 years at base

By Ian Thompson | From Page: A3 | Gallery

 
Highway 37 detours in place

By Amy Maginnis-Honey | From Page: A3

 
Maintenance begins on Rio Vista Bridge Sunday

By Amy Maginnis-Honey | From Page: A4, 1 Comment

 
Mother gives late daughter a voice by helping others

By Susan Winlow | From Page: B8, 1 Comment | Gallery

 
 
Fairfield police log: Sept. 18, 2014

By Susan Hiland | From Page: A9

Suisun City police log: Sept. 18, 2014

By Susan Hiland | From Page: A9

 
.

US / World

Record-setting retardant used on California fire

By The Associated Press | From Page: A1

 
Brown vetoes diaper changing-station bills

By The Associated Press | From Page: A4, 1 Comment

Oakland mother charged in cocaine death of son, 2

By The Associated Press | From Page: A4, 4 Comments

 
UC campus chancellors granted hefty pay raises

By The Associated Press | From Page: A4, 6 Comments

Driver of stolen van that hit dog gets prison time

By The Associated Press | From Page: A5, 4 Comments

 
License plate scanner networks capture movements

By The Associated Press | From Page: A5, 1 Comment

Feds approve California’s immigrant license words

By The Associated Press | From Page: A5, 1 Comment | Gallery

 
California man accused of killing fellow gym-goer

By The Associated Press | From Page: A5, 1 Comment

California school gender equity ruling upheld

By The Associated Press | From Page: A5

 
State to ban smoking at home day cares

By The Associated Press | From Page: A5, 1 Comment

Fence-jumper makes it into the White House

By The Associated Press | From Page: A9

 
3 guilty in Ga. salmonella-tainted peanut trial

By The Associated Press | From Page: A10

Fierce fighting in Yemeni capital kills 120

By The Associated Press | From Page: A10

 
Sierra Leone begins 3-day Ebola lockdown

By The Associated Press | From Page: A10

Ambush suspect could be aided by dense woods

By The Associated Press | From Page: A10

 
France joins US against Islamic State over Iraq

By The Associated Press | From Page: A10, 2 Comments

After vote to stay in UK, Scots must heal divide

By The Associated Press | From Page: A10

 
Florida town knew shooter had troubled past

By The Associated Press | From Page: A10

Daughter calls Utah doctor a monster at sentencing

By The Associated Press | From Page: A10

 
.

Opinion

Lots of services available for Solano veterans

By Ted Puntillo | From Page: A8

 
Cheers, jeers for the week of Sept. 14-20, 2014

By Daily Republic | From Page: A8

Editorial cartoons for Sept. 20, 2014

By Daily Republic Syndicated Content | From Page: A8

 
Fairfield Ford boosts animal adoption efforts

By Letter to the Editor | From Page: A8, 1 Comment

.

Living

Today in History: Sept. 20, 2014

By The Associated Press | From Page: A2

 
Community Calendar: Sept. 20, 2014

By Susan Hiland | From Page: A2

Horoscopes: Sept. 20, 2014

By Holiday Mathis | From Page: A7

 
Make sure you get educated during Ovarian Cancer Awareness Month

By Kathy Mitchell and Marcy Sugar | From Page: A7

 
.

Entertainment

 
TVGrid

By Daily Republic Syndicated Content | From Page: B9

Fallon to pay up, broadcast show in Chicago

By The Associated Press | From Page: B9

 
.

Sports

Legs power Mustangs in win over Falcons

By Nick DeCicco | From Page: B1 | Gallery

 
A’s Lester holds Phillies to 5 hits in 7 innings in 3-1 victory

By The Associated Press | From Page: B1 | Gallery

 
Big plays in second half lift Vanden past Center

By Paul Farmer | From Page: B1

After NFL, baseball addresses domestic violence

By The Associated Press | From Page: B2

 
Goodell: ‘Same mistakes can never be repeated’

By The Associated Press | From Page: B2

Kershaw gets 20th win as Dodgers pound Cubs 14-5

By The Associated Press | From Page: B2

 
Raiders could be down 2 starters on defense

By The Associated Press | From Page: B2 | Gallery

Sharks open with new vibe after playoff collapse

By The Associated Press | From Page: B2

 
49ers’ Davis, McDonald questionable for Sunday

By The Associated Press | From Page: B2

Stewart slogs through tough day at New Hampshire

By The Associated Press | From Page: B2

 
Rio Vista gets easy football win over Delta

By Daily Republic staff | From Page: B2

Keselowski wins pole at New Hampshire

By The Associated Press | From Page: B2

 
Gordon has suspension reduced to 10 games

By The Associated Press | From Page: B2

This date in sports history for Saturday, Sept. 20, 2014

By The Associated Press | From Page: B3

 
.

Business

Pabst Brewing to be sold to Russian company

By The Associated Press | From Page: B4, 1 Comment

 
China fines GlaxoSmithKline $492M for bribery

By The Associated Press | From Page: B4

Procter & Gamble cancels on-field NFL promotion

By The Associated Press | From Page: B4, 1 Comment

 
California adopts olive-oil labeling standards

By The Associated Press | From Page: B4, 1 Comment

Yahoo rakes in another jackpot from Alibaba’s IPO

By The Associated Press | From Page: B4

 
Alibaba stock soars in jubilant trading debut

By The Associated Press | From Page: B4

The Kuro taste: Peppery tang and hint of squid ink

By The Associated Press | From Page: B4

 
.

Obituaries

Charles Randolph Orr

By Susan Hiland | From Page: A4

 
Corazon Libunao Thompson

By Susan Hiland | From Page: A4

Allie M. Zell-Jones

By Susan Hiland | From Page: A4

 
.

Comics

Baby Blues

By Daily Republic Syndicated Content | From Page: A6

 
Zits

By Daily Republic Syndicated Content | From Page: A6

Get Fuzzy

By Daily Republic Syndicated Content | From Page: A6

 
Baldo

By Daily Republic Syndicated Content | From Page: A6

Wizard of Id

By Daily Republic Syndicated Content | From Page: A6

 
Dilbert

By Daily Republic Syndicated Content | From Page: A6

Peanuts

By Daily Republic Syndicated Content | From Page: A6

 
Rose is Rose

By Daily Republic Syndicated Content | From Page: A6

Blondie

By Daily Republic Syndicated Content | From Page: A6

 
Pickles

By Daily Republic Syndicated Content | From Page: A6

For Better or Worse

By Daily Republic Syndicated Content | From Page: A6

 
Beetle Bailey

By Daily Republic Syndicated Content | From Page: A6

B.C.

By Daily Republic Syndicated Content | From Page: A6

 
Garfield

By Daily Republic Syndicated Content | From Page: A6

Sally Forth

By Daily Republic Syndicated Content | From Page: A6

 
Frank and Ernest

By Daily Republic Syndicated Content | From Page: A6

Word Sleuth

By Daily Republic Syndicated Content | From Page: A7

 
Crossword

By Daily Republic Syndicated Content | From Page: A7

Sudoku

By Daily Republic Syndicated Content | From Page: A7

 
Bridge

By Daily Republic Syndicated Content | From Page: A7

Cryptoquote

By Daily Republic Syndicated Content | From Page: A7

 
.

Home Seller 09/20/14

Average US 30-year mortgage rate at 4.23 percent

By The Associated Press | From Page: HSR2

Real estate transactions for Sept. 20, 2014

By Daily Republic | From Page: HSR3

New Standard Pacific models in Vacaville

By Daily Republic | From Page: HSR3