Ackman to keep Target stake for five years if elected

New York City The proxy contest at Target Corp. keeps heating up. Hedge fund manager William Ackman said Tuesday that he plans to keep his stake in Target Corp. for at least five years if elected to the company’s board.

Ackman, who runs Pershing Square Capital Management, wants several changes to Target's board. On Friday his group, Nominees for Shareholder Choice, cited Target's governance guidelines as it asked for board members Solomon Trujillo and Anne Mulcahy to step down.

Pershing Square Capital Management owns a 7.8% stake in the retailer. Ackman said his personal stake in Target is worth more than $55 million and that he will hold onto it for at least five years or the length of his board term, if elected.

Ackman and Target's war of words has intensified as the Minneapolis-based retailer's annual meeting draws closer. The meeting is scheduled for Thursday.