Target has received a commitment from CEO Brian Cornell to remain with the company for approximately three more years, beyond the company’s traditional retirement age of 65. Cornell’s decision to remain in the leadership role was made following last month’s news of Target’s Q2 2022 performance, which saw net earnings drop 90% from Q2 2021. After receiving the commitment from Cornell, who is 63 years old, the board of directors eliminated Target’s retirement policy.
“In discussions about the company’s longer-term plans, it was important to us as a board to assure our stakeholders that Brian intends to stay in his role beyond the traditional retirement age of 65,” said Monica Lozano, Lead Independent Director of Target’s Board of Directors. “We enthusiastically support his commitment and his continued leadership, especially considering his track record and the company’s strong financial performance during his tenure. Since joining Target in 2014, Brian has worked to transform Target into an omnichannel leader by driving a guest-centric, purpose-driven strategy.”
“Being a Target team member has been the high point of my career, and I’m energized about leading the company in the years ahead as we build on the growth we’ve already accomplished,” said Cornell in a statement. “By taking care of our guests, our team, our communities and our shareholders, Target has added nearly $40 billion in annual revenue since I joined the company, and in many ways, we’re just getting started. Our success is fueled by the best team in retail, and I am confident our culture will continue to propel our company forward.”
Target also revealed that Arthur Valdez, EVP and Chief Supply Chain and Logistics Officer, will retire. Valdez will be succeeded by Gretchen McCarthy, SVP of Global Inventory Management, effective immediately. McCarthy has worked with Target for 18 years in a number of leadership positions and has led the company through supply chain transformation, merchandise planning and buying. Valdez has been working with McCarthy to ensure a smooth transition and will continue to work with Target in an advisory role through April 2023. McCarthy will report to report to John Mulligan, Target EVP and COO.