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  • June 2009 (Revised January 2011)
  • Case
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Target Corporation: Ackman versus the Board

By: Krishna G. Palepu, Suraj Srinivasan and James Weber
  • Format:Print
  • | Pages:34
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Abstract

After 15 years of great performance, Target's faltering performance during an economic downturn led an activist shareholder to initiate a proxy fight. Target Corporation, the second largest discount store retailer in the U.S., had competed successfully against industry leader Wal-Mart for years by promoting an upscale discount shopping experience in comparison to Wal-Mart's focus on low prices. This strategy worked well for Target in good economic times. The economic crisis of 2008–2009, however, caused shoppers to abandon Target in favor of Wal-Mart. In the spring of 2009, one of Target's largest shareholders initiated a proxy fight to place his five director nominees on the board. Target won the proxy fight, but still faced questions about whether it had a strategy that could work in both good times and bad.

Keywords

Financial Crisis; Investment Activism; Governing and Advisory Boards; Business and Shareholder Relations; Business Strategy; Value; Retail Industry

Citation

Palepu, Krishna G., Suraj Srinivasan, and James Weber. "Target Corporation: Ackman versus the Board." Harvard Business School Case 109-010, June 2009. (Revised January 2011.)
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About The Authors

Krishna G. Palepu

Accounting and Management
→More Publications

Suraj Srinivasan

Accounting and Management
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