The CEO of US retailer Target, Brian Cornell, has been challenged by shareholders concerned that his commitment to the company’s transgender changing room policy has cost the firm almost 20% of its value. In a letter sent on Monday to shareholders, Cornell said he was “deeply concerned” about the impact of the policy, which requires stores with more than 10 employees and 1,000 customers to allow people in their Data monitoring company RS Metrics has identified a “noticeable fall” in business at Target stores, accompanied by a corresponding increase at competitor Walmart, since opponents of the policy called for a boycott of the firm.
The CEO of US retailer Target, Brian Cornell, has been challenged by shareholders concerned that his commitment to the company’s transgender changing room policy has cost the firm almost 20% of its value. Mr Cornell refused to reverse the policy and claimed that it had caused no negative effects, even though the company has lost $10bn in stock price since its introduction in April. Data monitoring company RS Metrics has identified a “noticeable fall” in business at Target stores, accompanied by a corresponding increase at competitor Walmart, since opponents of the policy called for a boycott of the firm.