shareholder Bill Ackman pledged to retain his stake in the retailer for at least five years if he's elected to the company's board on Thursday.
"My personal stake in Pershing Square IV, a fund exclusively invested in Target, is now worth over $55 million," Ackman said in a statement Tuesday. "As a commitment to Target shareholders and to reflect my confidence in the long-term value of the company, if I am elected to Target's board of directors, I pledge to keep that stake invested in Target for the greater of five years or my term on Target's board.
Ackman, who runs Pershing Square Capital Management, is seeking several changes to Target's board. On Friday, a group backed by Pershing Square said two members of Target's board, Solomon Trujillo and Anne Mulcahy, should resign because their employment status had changed.
Pershing Square Capital Management owns a 7.8% stake in the retailer.
Target's annual meeting is Thursday.