MINNEAPOLIS, Sept. 7,
2022 /PRNewswire/ -- Target Corporation (NYSE: TGT)
today announced that Brian Cornell
has committed to remain as CEO and lead the company for
approximately three more years. Additionally, the company announced
Arthur Valdez, executive vice
president and chief supply chain and logistics officer, will retire
from Target. He will be succeeded by Gretchen McCarthy, senior vice president, global
inventory management, effective immediately.
"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. We enthusiastically support his commitment and his
continued leadership, especially considering his track record and
the company's strong financial performance during his tenure," said
Monica Lozano, lead independent
director of Target's Board of Directors. "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 multi-year, long-range plan
alongside his talented leadership team."
"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 chief
executive officer 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."
With Cornell's commitment, Target's board of directors
eliminated its retirement policy, which was designed to initiate a
discussion regarding the possible retirement of its CEO
at the age of 65.
Target also announced that Arthur
Valdez, executive vice president and chief supply chain and
logistics officer, will retire from the company. Gretchen McCarthy, senior vice president, global
inventory management, will succeed Valdez and join Target's
leadership team.
Since joining Target in 2016, Valdez has played a critical role
in transforming its global supply chain and logistics network,
advancing Target's ability to offer a best-in-class omnichannel
experience for guests. McCarthy, an 18-year Target veteran, has
held numerous leadership positions across the company. She brings a
deep understanding of Target's business operations, with experience
spanning supply chain transformation, merchandise planning and
buying. During her tenure at Target, she has built a global team,
modernized inventory management technology resources, led through
supply chain volatility during COVID-19 and navigated inventory
optimization efforts.
"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," Cornell added. "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."
McCarthy will report to John
Mulligan, Target's executive vice president and chief
operating officer, effective immediately. Valdez and McCarthy have
been partnering closely to ensure a smooth transition, and Valdez
will continue working with the Target team in an advisory role
through April 2023.
About Target
Minneapolis-based Target
Corporation (NYSE: TGT) serves guests at nearly 2,000 stores and at
Target.com, with the purpose of helping all families discover the
joy of everyday life. Since 1946, Target has given 5% of its profit
to communities, which today equals millions of dollars a week.
Additional company information can be found by visiting the
corporate website and press center and by following
@TargetNews.
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SOURCE Target Corporation