Ackman pushes Target slate ahead of director vote

NEW YORK/SAN FRANCISCO (Reuters) - Activist investor William Ackman publicly introduced his nominees for Target Corp's (TGT.N: Quote, Profile, Research) board on Monday, insisting his lineup can bring fresh, independent insight that the discount retailer needs to better position its business for the long term.

"This is not about a real estate slate," Ackman said during a presentation at an auditorium in midtown Manhattan. "These are not five real estate executives I've sold on a plan that I'm trying to push forward."

Ackman's hedge fund Pershing Square Capital Management owns a 7.8 percent stake in Target. Since accumulating his stake, Ackman has pushed the Minneapolis-based retailer to make changes to its business to boost its stock, including spinning off the land under its stores into a real estate investment trust.

After Target rejected his REIT proposal, Ackman struck back by launching a high-profile proxy battle, and he has proposed five members for Target's board, including himself.

On Monday, Ackman emphasized his proxy contest was not about pushing his own agenda and said it is not focused solely on getting Target to undertake a real estate transaction.

"It's not about Bill Ackman, it's about how our directors compare with the existing nominees," Ackman said.

Target shareholders are set to vote on the board members at the retailer's annual meeting on May 28. The company has nominated all incumbents.

Ackman said that if he or any of his nominees win a seat on Target's board, "we'd be very supportive of management. We do think the board needs change and that's what this is about."

Besides himself, Ackman's slate of nominees includes Jim Donald, the former chief executive of Starbucks Corp (SBUX.O: Quote, Profile, Research); Richard Vague, the former CEO of Visa credit card issuer First USA; Michael Ashner, the CEO of Winthrop Realty Trust Inc, and corporate governance expert Ron Gilson.