Target is dropping the mandatory retirement age at 65 for its CEO and has extended its contract with Chief Executive Brian Cornell for three years. Cornell would have passed mandatory retirement age in that span.
NEW YORK — Target is dropping the mandatory retirement age for its CEO and extended its contract with Chief Executive Brian Cornell for three years.“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, the lead independent director of Target’s board in a release on Wednesday.
But now the company, like other retailers, is trying to navigate tremendous shifts in consumer behavior with the worst of the pandemic in the rear view mirror while it wrestles with soaring prices and rising wages for workers. Target reported solid sales for the fiscal second quarter, but its profit plunged nearly 90% after it was forced to slash prices to clear unwanted inventories of clothing, home goods and electronics.
Before joining Target, Brian spent more than 30 years in escalating leadership positions at retail and consumer-product companies. Roles included chief marketing officer at Safeway Inc. and CEO at Michaels, Walmart’s Sam’s Club and PepsiCo Americas Foods. The company also announced Wednesday that Arthur Valdez, executive vice president and chief supply chain and logistics officer, will retire. Valdez will be succeeded by Gretchen McCarthy, senior vice president, global inventory management.
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