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 Monday. 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.