Target CEO Brian Cornell to stay on for three more years, as company scraps retirement age

Target CEO Brian Cornell has agreed to enactment connected successful his relation for astir 3 much years, arsenic the retailer announced Wednesday that it's scrapping its status property of 65.

"We enthusiastically enactment his committedness and his continued leadership, particularly considering his way grounds and the company's beardown fiscal show during his tenure," Monica Lozano, pb autarkic manager of Target's committee of directors said in a quality release.

Cornell, who is 63, has been Target's main enforcement since 2014. Under his leadership, Target has expanded its lawsuit basal and built connected its estimation arsenic a discounter with unsocial and fashion-forward merchandise. But much recently, the institution has grappled with immense shifts successful buying habits arsenic income slowed and unwanted merchandise piled up.

The institution cut its forecast twice, and its quarterly nett fell astir 90% successful the three-month play ended July 30 arsenic it tried to merchantability disconnected that excess inventory with heavy discounts.

Shares of the institution are down astir 29% truthful acold this year.

Separately connected Wednesday, Target said Arthur Valdez, main proviso concatenation and logistics officer, volition retire. He volition beryllium succeeded by Gretchen McCarthy, an 18-year Target seasoned who is presently elder vice president of planetary inventory management. She volition study to Target's COO John Mulligan, effectual immediately, arsenic Valdez volition service successful an advisory relation done April.

Led by Cornell, Target has launched galore backstage brands, including for grocery, activewear and location decor. It struck partnerships with salient nationalist brands, turning parts of its stores into mini shops for Disney, Levi Strauss and astir recently, Ulta Beauty. And it launched e-commerce options, including curbside pickup, and turned the backmost of its stores into fulfillment centers that grip the immense bulk of online orders.

Those investments paid disconnected during the pandemic, arsenic Target remained unfastened arsenic an indispensable retailer and drew shoppers to its website and stores.

Prior to joining the retailer, Cornell served arsenic CEO of PepsiCo Americas Foods, Walmart-owned Sam's Club and Michaels Stores.