Target alters retirement policy, retains CEO Brian Cornell for three more years

On Wednesday, Target decided to make some changes to its retirement policy. Due to this, the service tenure of the current CEO has been extended for three more years. CEO Brian Cornell is now 63, and he has been the CEO of Target since 2014.

Under CEO Brian’s leadership, Target has seen organic growth in its customer base. Target has earned a good reputation for the frequent discounts and the unique and fashion-oriented merchandise that it sells.

Target’s sales are down 29% this year

But in recent times, Target has been struggling with massive changes in shopping habits, with slow sales and a pile-up of unwanted merchandise. The retailer has already cut its forecast twice, and the quarterly profit came 90% down in three months, ending in July after giving massive discounts to sell all the piled-up stocks.


On Wednesday, Target said Arthur Valdez, the chief supply chain and logistics officer, will retire and be replaced by Gretchen McCarthy, the senior VP of global inventory management. From April, Valdez will be given an advisory role. Immediately, she has to report to John Mulligan, Target’s COO.

The changes and investments made by CEO Brian Cornell proved fruitful during the pandemic as the retailer was open throughout, attracting people to its store and website.



Before joining Target, CEO Brian Cornell was also the CEO of Michales Stores, Pepsico American Foods and Sam’s Club, owned by Walmart.

FAQs

What did Monica Lozano say about CEO Brian Cornell?
Monica Lozano is the lead independent director of Target’s board of directors.
Monica Lozano said the company appreciates CEO Brian Cornell’s track record of enthusiasm and commitment as a leader.
Under CEO Brian Cornell’s leadership, the company has seen unexpected growth in its revenue.

What are Target’s achievements under CEO Brian Cornell’s leadership?
Under CEO Brian Cornell’s leadership, Target has launched several private brands for activewear, groceries and home décor.
By patterning with national brands, Target has turned a part of its store into a mini shop for Ulta Beauty, Levi Strauss and Disney.
Target has also launched a few options for e-commerce, like curbside pickup, for which the store’s backside was converted into a fulfilment center to handle online orders.