May 20 (Bloomberg) — Before Target Corp. 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.

Steinhafel made almost $13 million in total compensation last year, down from $20.6 million the previous year, according to a filing 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 Target's shareholder meeting last June when it held a say-on-pay vote.

Target represents the latest example of companies confronting shareholder frustration over executive pay. At Chipotle Mexican Grill Inc.'s investor meeting last week, about 77 percent of shareholder votes opposed the restaurant chain's 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 CEO's 2013 compensation by 72 percent after sales and profit fell.