By  on March 16, 2009

Having failed to reshape Target Corp. from the outside, activist investor and hedge fund manager William Ackman intends to take a shot from within and nominate five new directors, himself included, to the retailer’s board.

Ackman, who heads Pershing Square Capital Management and has taken severe losses on his Target investment so far, said the board needs expertise in the retail, credit card and real estate areas. Last month, Ackman apologized for the performance of his Pershing Square fund that focuses on Target and gave investors an opportunity to pull their money out or add more capital. Showing his faith in the venture, Ackman added $25 million of his own money to the fund. Target’s stock has lost 57.1 percent of its value since Ackman’s initial investment was made public in July 2007. Shares of the firm slipped 3.8 percent Monday to $28.83.

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