MINNEAPOLIS — Shareholder support for Brian Cornell, the executive chairman of Target's board of directors, fell to 87.2% during the company's annual general meeting this month. This marks the lowest level of support in his tenure on the board.

The 87.2% vote represents a 4% decline compared to the previous year. Cornell's historical average shareholder support stood at 95%. Harvard Law School data indicates that the average level of support for S&P 500 directors this year is 96.6%.

Kevin Kaiser, an adjunct full professor of finance at The Wharton School of the University of Pennsylvania, commented on the voting results. "Getting over 95% is normal. Getting under 95% is poor, and getting under 90 is very poor. It means people are going out of their way to say they don't want you there anymore," Kaiser said. He added, "Anything below 90 is considered a very bad result."

Cornell joined Target as CEO in 2014 and stepped down from that role in February, transitioning to executive chairman. The company has reported three consecutive years of annual sales declines. Target's share price is up about 33% year to date, but it is down by approximately 50% since its all-time high in 2021.

Neil Saunders, a retail analyst and GlobalData managing director, discussed executive performance in relation to board roles. "If you don't do a good job as CEO, then arguably you should be cleared out of the boardroom and I think that's how most people view it," Saunders said. He added, "To get rewarded for delivering a decline in the share price and causing problems for the company, it just doesn't sit well with a lot of people."

Target stated in its proxy statement that separating the roles of board chair and CEO is appropriate given the company's immediate strategic and operational priorities. The company said this structure allows CEO Michael Fiddelke to concentrate on business implementation while Cornell uses his knowledge during the transitional phase. During the annual meeting, Michael Fiddelke received 99% of the shareholder vote.

In other company actions, Target reduced certain LGBTQ-themed pride merchandise in stores several summers ago, and it rolled back diversity, equity, and inclusion programs. A June survey of 51 investors by Mizuho Securities indicated that Wall Street favored an outside candidate to replace Cornell as CEO.