Outcome of Target’s proxy fight

Despite some bumps in the road — some caused by the economy, others triggered by some management decisions — most observers agree that Target is one of the best-run companies in retail. There has been tremendous management continuity over the years as well as a strong focus on store experience, brand positioning and merchandise content. The team running Target (including the board of directors) has earned the chance to continue making strategic changes to the formula as they see fit.

Meanwhile, Mr. Ackman’s “vision” for Target’s future has less to do with running a fundamentally sound retailer, and more to do with the sorts of financial “plays” that drove Mervyn’s into the ground and cost Sears a lot of market share. I applaud Target’s shareholders for doing the right thing.

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