Target investors signal loss of confidence in Executive Chair as opposition triples

At Target's annual meeting, 12.8% of shareholders opposed Brian Cornell's reelection, up from 4.2% a decade ago, and nearly 40% backed a proposal for an independent chair. His approval rating fell to 87.2%, well below the S&P 500 average of 96.6%. The backlash follows years of brand erosion linked to decisions on Pride merchandise, DEI rollbacks, and a muted response to an ICE incident.

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The shareholder vote reflects a decade-long slide in investor confidence. Cornell's opposition never exceeded 6.3% for nearly ten years before climbing in 2025 amid three consecutive years of falling sales. His retention as Executive Chair after stepping down as CEO in February drew particular scrutiny from investors who viewed the arrangement as insufficient accountability.

Operational problems compound the reputational damage. Shoppers report deteriorating store conditions, including cluttered aisles, inventory gaps, and slower checkout experiences. Target's absence from Fortune's Most Admired Companies All-Star list marks its first exclusion since 2001,