'Reward for failure': Investor support for Target chair Brian Cornell falls to lowest level ever

Brian Cornell, Executive Chairman of the Target Corporation. Anjali Sundaram | CNBC Target has promised investors that it's pursuing an aggressive turnaround with a new CEO at the helm, but its longtime former top executive Brian Cornell still leads the retailer's board of directors — and some major investors are signaling they're hungry for change. Shareholder backing for Target's former CEO and current executive chairman Cornell fell to its lowest level ever during the company's annual general meeting this month. While Cornell, 67, was comfortably reelected to his position on Target's board of directors, he saw the steepest drop in support since he joined the retailer's board more than a decade ago, when he was hired as its CEO. In all, 87.2% of shareholders voted to re-elect him to the board — a 4% decline from the year-ago period and a material drop from his historical average of 95% support. It's also well below the average level of support directors have received across the S&P 500 this year, which Harvard Law puts at 96.6%. "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," said Kevin Kaiser, an adjunct full professor of finance at The Wharton School of the University of Pennsylvania who teaches a course on shareholder activism. …