Target Corp. will retain its chief executive Brian Cornell for approximately three more years, the retailer revealed.
“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.”
Continued Lozano: “Since joining Target in 2014, Brian has worked to transform Target into an omnichannel leader by driving a guest-centric, purpose-driven strategy. The board is pleased that Brian has committed to continue leading Target’s strategy and driving its multiyear long-range plan alongside his talented leadership team.”
As part of Cornell’s commitment to remain with the company past the age of 65, Target’s board has decided to eliminate its retirement policy, which was originally designed to initiate a discussion regarding the possible retirement of its CEO at the age of 65.
“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. “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. I appreciate the board’s confidence, the opportunity to keep serving our guests and the chance to continue leading Target in the years ahead.”
Additionally, Target said that Arthur Valdez, its EVP and chief supply chain and logistics officer, will retire. Gretchen McCarthy, currently SVP, global inventory management, will take over the role effective immediately.
Valdez joined Target’s leadership team in 2016, and according to Cornell, his leadership drove significant innovation across the retailer’s supply chain and fueled its omnichannel growth. He will continue working with the Target team in an advisory role through April 2023.
“Gretchen will be an excellent addition to our leadership team,” Cornell said. “She is stepping into her role as a proven leader who will bring a deep understanding of our business operations, and a highly collaborative, solution-oriented approach to leadership. She and her global team will continue to drive our supply chain strategy to deliver for our guests and support strong enterprise growth.”