REI announces board results
Seattle REI announced its 2009 board election results during its annual membership meeting held earlier this week at the Seattle flagship store. Cooperative members voted to return incumbents Ivar Chhina, Joanne Harrell and Chuck Katz to three-year terms, the company said.
Chhina was elected to his second term on the REI board of directors. Chhina is a venture partner in a capital/private-equity firm. In 2008, he served as the vice chair for the co-op’s board and chair of the REI’s audit and finance committee.
Harrell was elected to a third term on the board after her initial appointment in 2001. Last year, she served as the chair of REI’s compensation committee. Harrell is an executive at a worldwide software company.
Katz was elected to his ninth year on REI’s board. He is the manager of a family investment business and charitable foundation. In 2008, he was a member of REI’s Nominating and Governance Committee.
The board of directors also selected its officers for 2009. Anne Farrell, former president and CEO of the Seattle Foundation, was re-elected as chair. Ivar Chhina of Burlingame, Calif., was re-elected vice chair.
Sears announces exec appointments
Hoffman Estates, Ill. Sears Holdings Corp. announced Monday that Bill Jackson will join the company as senior VP and president – automotive. He will be responsible for the oversight, leadership and strategic growth of the company’s automotive business, both in-store and online.
Jackson most recently served as leader of the Global Automotive, Transportation and Industrials practice for Booz & Co.
Sears also announced that Hugo Malan joined the company as senior VP and president, fitness and sporting goods.
Malan most recently served as managing director, Barclays Capital.
Target shareholders to resolve dispute on board size
Minneapolis Target Corp. will let its shareholders vote on whether or not it should have a 12- or 13-member board of directors, in response to its latest dispute with activist investor Bill Ackman.
Last week, Ackman, CEO of New York-based Perishing Square Capital Management, sent a letter to Target stating that the retailer improperly shrunk the size of its board when former CEO Bob Ulrich stepped down from his seat in January.
Target, in a revised proxy statement filed on Monday, added a resolution for investors to consider determining that the number of directors shall be 12.
Target nominated four people to fill out the board and decided not to replace Ulrich because it doesn’t think a thirteenth member is necessary.
Pershing had suggested resolving the dispute through arbitration, but Target rejected that offer in favor of a shareholder resolution.
The size of the board is significant, because it will determine whether or not Target will have to seat one of the five candidates Pershing nominated to Target’s board.
Target shareholders will consider board appointments at the retailer’s 2009 annual meeting May 28, at a Target store in Waukesha, Wis.