Activist Presses Target For New Board

He said Target's current board lacks significant shareholder representation because its members own less than 0.3 percent of the business.

Ackman's slate includes himself, Winthrop Realty Trust Chairman and CEO Michael Ashner, former Starbucks Corp. CEO Jim Donald, law professor Ronald Gilson, and former chairman and CEO of First USA, Richard Vague.

The slate would bolster Target's board's expertise in retail — particularly selling food — and in credit cards and real estate, he said. He said the nominees are independent and not being picked to push any specific agenda of his.

The two-hour presentation offered no specifics from the nominees on what they would do as the nominees said they didn't have access to confidential data, it did offer some clues. Ashner said he would explore new ways to unlock Target's real estate value. Vague said he would address getting the company out of underwriting its credit card business so it can focus on marketing and branding its business.

Donald, who has over 30 years in the food business and helped build Wal-Mart's super centers, said he would help Target expand its food business, which has lagged behind Wal-Mart's.