Labor-Backed Investor Group Urges Target Shareholders To Vote Against Former CEO

BusinessRetailLabor-Backed Investor Group Urges Target Shareholders To Vote Against Former CEOBySharon Edelson,Senior Contributor.Forbes contributors publish independent expert analyses and insights. I write about retail and the forces that are redefining shopping.Follow AuthorJun 02, 2026, 10:48am EDT--:-- / --:--This voice experience is generated by AI. Learn more.This voice experience is generated by AI. Learn more.The executive chair of Target Corp.'s board of directors and another high ranking board member have been targeted by a union-backed activist investment group. (Photo by Michael M. Santiago/Getty Images)Getty ImagesTarget has come under fire from a group of labor-backed investors, including, SOC Investment Group, Trillium Asset Management, and Mercy Investment Services, which is urging shareholders to vote against the company’s current executive chair and former CEO, Brian Cornell, and lead independent director Christine Leahy, at Target’s Annual General Meeting on June 10. The letter to shareholders was filed in a notice of exempt solicitation.The activist investors believe Target for the last five years has suffered from strategic and operational missteps that have alienated core customers and caused significant financial loss, putting shareholders at risk. They’re pushing for a change in leadership to “re-establish good governance, and reinforce shareholder responsibility,” the group said. Letter Outlines “Management Failures”In the letter, the activist group points out what it sees as Target’s management failures, including rolling back diversity, equity and inclusion initiatives, cutting back its LGBTQ+ Pride collection, and, most recently, its tepid public response to Immigration and Customs Enforcement raids at Target’s Minnesota locations. A Target spokesperson referred Forbes to the 2026 proxy statement where the company’s position on board elections is outlined. The spokesperson further confirmed that Target doesn’t have a cooperative agr...