Like rubbing salt into the wound, an activist investor is seeking to block outgoing Target chief executive officer Brian Cornell’s transition to executive chairman next February.

In August, Cornell, under pressure due to a string of poor quarterly business results and declining stock price, said he would step down as Target ’s CEO on Feb. 1 and transition into the role of executive chairman. Michael Fiddelke, Target’s chief operating officer, will succeed Cornell as CEO.

But on Wednesday, the Accountability Board, an activist investor with an undisclosed stake in Target, filed a shareholder proposal seeking an independent board chair policy at Target. The proposal did not suggest any candidates for the role.

“With sustained challenges in both performance and reputation, it’s a tough

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