Final tally confirms Target’s board members were re-elected

Minneapolis Target Corp. said Thursday final vote counts confirm shareholders rejected hedge fund Pershing Square's slate of directors during the company's shareholder meeting in May.

Four of Target's nominees were re-elected by about three-quarters of the vote and Pershing Square's four nominees were rejected, according to the final tally.

Ackman, head of Pershing Square Capital Management, which holds 7.8% of Target's outstanding stock, has argued that the retailer's board needed members with new perspective -- especially in the areas of retail, credit and real estate -- to compete effectively with its chief rival, Wal-Mart Stores.

The size of Target's board is set to 12. A shareholder proposal regarding an annual advisory vote on executive compensation was not approved.