Target Corp.'s shareholders have re-elected the company's slate of directors, rejecting a hedge fund's alternate slate, according to preliminary vote totals.
The head of Pershing Square Capital Management has argued that the struggling retailer needed new perspective, especially in the areas of retail and real estate so it can better compete with rival Wal-Mart Stores Inc.
Shareholders rejected those arguments at Target's shareholder meeting outside Milwaukee on Thursday. Shareholders also sided with the company in approving a measure that sets the board's size at 12 members.
Target shareholders reject Ackman board slate [AP]
Update: Margaret Brennan: "Reportedly Ackmann himself is very disappointed with the results; he in fact choked up during his presentation today."