William Ackman, activist investor turned director nominee-to-be, is promising to hold onto his personal investment in Target for five years following his election to the company board, according to Reuters. Ackman of Pershing Square Capital is making the pledge in order to sway shareholder favor in the midst of a heated proxy battle at the retailer.
Pershing Square, which is invested exclusively in Target and owns a 7.8 percent stake in the company, has called for two of the company’s directors to resign from the board. Ackman, along with four other nominees, is attempting to push his way into the Target board, which itself is running four incumbent directors for re-election at Target’s May 28 annual general meeting.
According to Pershing Square, Target’s senior management and directors have unloaded about $430 million worth of company stock over the last five years.