Target shareholders reject board chair split, back Brian Cornell role

Target shareholders refused to force a split between the board chair and executive leadership roles, backing a structure that keeps Brian Cornell in place as executive chair after Michael Fiddelke took over as chief executive on February 1. The vote signaled that investors were not ready to add a governance overhaul to Target’s turnaround effort, even as the retailer faces pressure from inflation-weary shoppers, tougher competition and a share price that has fallen sharply from its 2021 peak.

The decision came at Target’s virtual annual meeting on Wednesday, June 10, 2026, at 12:00 p.m. Central Daylight Time. All director nominees were elected, and a separate shareholder proposal calling for reports on pesticides in private-label products and efforts to reduce microfiber emissions also failed to pass. The outcome gave management a cleaner result than some governance activists had sought, while leaving intact a board structure that still places Cornell above the new chief executive in an oversight role.

Target had framed the succession as deliberate and orderly, saying in its proxy materials that the board completed a “deliberate and thoughtful CEO succession process” and believed Fiddelke was the right leader for the company’s next chapter. The company also said it would welcome two new independent directors, Stephen Bratspies and John Hoke III, while Douglas Baker and Grace Puma did not seek re-election and Donald Knauss retired under the company’s tenure policy.

The board split question matters because investors often see separate chair and CEO roles as a basic check on management power, particularly when performance has deteriorated. That scrutiny has grown around Target since Cornell moved into the executive-chair post, keeping him involved in oversight while Fiddelke runs day-to-day operations. For some shareholders, the setup can look like stability. For others, it can look like consolidation at the top during a period when the company most needs sharper accountability.

Target’s performance backdrop helps explain why the issue drew attention. The stock hit an all-time closing high of $230.47 on November 16, 2021, but by June 2026 it was trading in the mid-$120s. That steep decline has fed questions about strategy and execution, even though recent results have shown some signs of recovery. Target has also warned that a difficult macroeconomic environment may continue to weigh on demand.

The company now enters the rest of 2026 with a refreshed board, a new chief executive and Cornell still overseeing the transition from the top. Investors, however, made clear they were not prepared to rewrite the leadership model as Target tries to restore profitable growth and win back market confidence.