One of Target's biggest shareholders said Monday that he plans to nominate five candidates to the company's board at its annual shareholders meeting in May, against the discount retailer's wishes.
The news comes a day after the Minneapolis-based company said it would nominate for re-election all four of its current directors whose terms are expiring this year, and said it was "disappointed" that activist hedge fund manager William Ackman—who owns a nearly 8 percent stake in the company—planned to nominate his own slate.
Ackman, the founder and chief executive of Pershing Square Capital Management, has said in the past that he believes Target's stock is undervalued. The shares have fallen as much as nearly 60 percent since hitting a 52-week high of $59.55 in September. The company has suffered from a drop in consumer spending, while other discount chains—particularly rival Wal-Mart Stores —have outperformed the market.