Target shows growing frustration over CEO pay

(AP Photo/Damian Dovarganes,file)

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.