Target shareholders re-elect board

Despite an influential proxy advisor campaigning for the replacement of Target's (NYSE:TGT) board, the retailer's shareholders voted to keep the 10-member board at its annual shareholder meeting in Dallas, Texas.

Institutional Shareholder Services recently recommended that investors get rid of seven board members, saying the board failed to protect the company from last year's data breach.

However, Roxanne Austin, the board's interim chairwoman, said Target has taken "decisive action" since the breach and expressed support for Bob DeRodes, the retailer's new CIO and interim CEO.

Target also hired Brad Maiorino as the company's first chief information security officer earlier this week.

The board said it has "total confidence" in Interim CEO John Mulligan and the management team, and has given them a clear mission: "We need to aggressively move Target forward and significantly improve our performance," she said at the meeting, the Minneapolis StarTribune reported.

The retailer has accelerated the plan to enhance its REDcards with chip-and-PIN technology and is undergoing a total re-examination of its risk management structure, Austin said.

"We're going to set the bar high," she said. "We strive to be not just the best in retail but to be among the best, period."

The board also announced Wednesday that it has raised Target's quarterly dividend by 21 percent to 52 cents a share.

For more:
-See this Minneapolis StarTribune article

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