Summary
This 8-K filing from Target Corporation announces a change to its Board of Directors. Effective July 2, 2013, Kenneth L. Salazar was elected as a director. Mr. Salazar brings significant experience, having served as the U.S. Secretary of the Interior from 2009 to 2013, and currently holds a Partner position at WilmerHale. Investors should note that Mr. Salazar's appointment is a key event for governance oversight. He will receive compensation typical for non-employee directors, including a one-time grant of Restricted Stock Units (RSUs) valued at $50,000 on the grant date. The filing also indicates that committee assignments for Mr. Salazar are yet to be determined by the Board. A press release detailing this board change is attached as an exhibit.
Key Highlights
- 1Kenneth L. Salazar elected to Target Corporation's Board of Directors, effective July 2, 2013.
- 2Mr. Salazar's background includes service as U.S. Secretary of the Interior (2009-2013) and current role as a Partner at WilmerHale.
- 3Mr. Salazar will receive compensation consistent with other non-employee directors.
- 4A one-time RSU grant with a $50,000 grant date fair value was awarded to Mr. Salazar.
- 5The Board of Directors has not yet determined Mr. Salazar's committee assignments.
- 6The filing includes a News Release dated July 2, 2013, as an exhibit detailing this board appointment.