Target interim chair defends board to investors | SC Media

Target interim chair defends board to investors

June 4, 2014

Target's board of directors came out swinging just days after proxy adviser Institutional Shareholder Services recommended that the retailer oust seven of its 10 members.

In a letter to investors filed with the SEC, Target board interim chairwoman Roxanne Austin mounted a defense of the board's actions before and after a storied data breach exposed the personal information of as many as 70 million customers, the Minneapolis/St. Paul Business Journal reported Monday. She explained that Target had doubled its information security force in the past five years and had invested heavily in network security technology.

Post-breach, the company has advanced plans to adopt chip and PIN technology and has restructured its security and compliance group, bringing in a new CIO and an interim CEO. Austin will learn if she and other board members will retain their positions on June 11 at the retailer's annual meeting.

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