Mercy Investment Services and SOC Investment Group are urging Target shareholders to vote against Executive Chairman Brian Cornell and an additional director. The activist group filed a letter with the SEC ahead of the company’s June 10 annual meeting.
The investors cited years of strategic missteps and operational failures as primary reasons for the move. They claim these management decisions have resulted in significant underperformance and diminished long-term shareholder value.
The group also criticized Target for its handling of social controversies, specifically the pullback of its Pride collection and the rollback of diversity, equity, and inclusion initiatives. They argue these actions triggered consumer backlash and reputational harm that alienated key customer demographics.