Target Corporation (NYSE:TGT), a retail giant with a market capitalization of $61.2 billion and a "GOOD" financial health rating according to InvestingPro, has announced amendments to its bylaws, including the expansion of the Lead Independent (LON:IOG) Director role, as disclosed in a recent SEC 8-K filing. The changes, effective immediately as of Tuesday, were made during a periodic review by Target's Board of Directors.
The updated bylaws now require the Board to appoint a Lead Independent Director (LID) if the Chair of the Board is not an independent director. This move is seen as a step to enhance the governance structure of the Minneapolis-based retailer, which has demonstrated strong corporate responsibility through 54 consecutive years of dividend increases. Additionally, the amendments include updates to executive titles to reflect current roles within the organization.
The decision to amend the bylaws aligns with Target's commitment to maintaining high standards of corporate governance. The full text of the Amended and Restated Bylaws has been filed with the SEC and is incorporated by reference in the 8-K filing.
Target Corporation, with its central index key 0000027419, operates under the standard industrial classification for retail-variety stores. The company, formerly known as Dayton Hudson (NYSE:HUD) Corp, changed its name from Dayton Corp in 1969 and is incorporated in Minnesota.
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