Target Corporation is allowing Brian Cornell to remain in the role of CEO for another three years. Traditionally, the company has enforced a retirement age of 65.
Cornell joined the company in 2014, and helped “transform Target into an omnichannel leader by driving a guest-centric, purpose-driven strategy,” according to Monica Lozano, lead independent director of Target’s Board of Directors. “The board is pleased that Brian has committed to continue leading Target’s strategy and driving its multi-year, long-range plan alongside his talented leadership team.”
“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,” Lozano added.
“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 Brian Cornell, chairman and CEO of Target. “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.”
The company also announced its EVP and chief supply chain and logistics officer, Arthur Valdez, will be retiring. Gretchen McCarthy, previously senior vice president of global inventory management, will be taking on the role effective immediately.
Valdez has been with the company since 2016, playing a leading role in transforming the brand’s global supply chain and logistics network.
During McCarthy’s 18 years at Target, she has built a global team, modernized inventory management technology resources, and navigated through supply chain volatility during COVID.
McCarthy will report to John Mulligan, Target’s executive vice president and chief operating officer, effective immediately, and Valdez will continue working with the Target team in an advisory role through April 2023.
“Arthur brought deep expertise to Target, and his leadership drove significant innovation across our supply chain, fueling Target’s omnichannel growth. On behalf of the entire Target team, I thank Arthur for his contributions and wish him well as he transitions to retirement,” said Cornell.
“Gretchen will be an excellent addition to our leadership team. 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,” Cornell added.