Target Corp

Target: Steinhafel made almost $13 million in total compensation last year, down from $20.6 million the previous year, according to a filing TGT:US yesterday. Target made the move after meeting with two proxy-advisory firms and investors representing 40 percent of shares, the company said. A sizable minority of investors had voiced concern for the pay level at Targets shareholder meeting last June when it held a say-on-pay vote, according to Business Week. In Targets case, the pay cut was followed by the CEOs ouster. After a devastating data breach last year and a botched expansion into Canada, the company replaced Steinhafel on May 5 with Chief Financial Officer John Mulligan. Target also announced today that its replacing its Canada president. Subpar Performance Before Target Corp. TGT:US fired Chief Executive Officer Gregg Steinhafel this month, the company lowered his 2013 pay by 37 percent and cut his retirement benefits -- a response to pressure from shareholders. Target represents the latest example of companies confronting shareholder frustration over executive pay. At Chipotle Mexican Grill Inc. CMG:USs investor meeting last week, about 77 percent of shareholder votes opposed the restaurant chains compensation terms. The Denver-based company said it would work with investors to review its pay. Abercrombie Fitch Co. announced this month that it had lowered its CEOs 2013 compensation by 72 percent after sales and profit fell. (news.financializer.com). As reported in the news.