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

Goal CEO Brian Cornell has agreed to continue to be on in his position for about three more a long time, as the retailer announced Wednesday that it’s scrapping its retirement age of 65.

“We enthusiastically support his commitment and his continued leadership, particularly considering his track record and the company’s strong fiscal functionality during his tenure,” Monica Lozano, direct impartial director of Target’s board of directors, mentioned in a information launch.

Cornell, who is 63, has been Target’s main government since 2014. Underneath his management, the firm has expanded its shopper base and crafted on its track record as a discounter with one of a kind and vogue-forward merchandise. But much more not too long ago, Focus on has grappled with massive shifts in procuring behaviors with sales slowing and unwanted merchandise piling up.

The company reduce its forecast twice, and its quarterly earnings fell practically 90% in the three-thirty day period period ended July 30 as it attempted to promote off that extra stock with deep discount rates.

Shares of the organization are down about 29% so considerably this yr.

Individually on Wednesday, Concentrate on mentioned Arthur Valdez, main supply chain and logistics officer, will retire. He will be succeeded by Gretchen McCarthy, an 18-yr Target veteran who is at present senior vice president of worldwide stock management. She will report to Target’s COO, John Mulligan, successful right away, as Valdez will provide in an advisory position through April.

Led by Cornell, Concentrate on has launched several private models, such as for grocery, activewear and house decor. It struck partnerships with notable national brand names, turning components of its outlets into mini outlets for Disney, Levi Strauss and most just lately, Ulta Attractiveness. And it released e-commerce alternatives, together with curbside pickup, and turned the back again of its suppliers into achievement facilities that tackle the huge the vast majority of online orders.

Those investments paid off in the course of the Covid pandemic, as Goal remained open as an crucial retailer and drew shoppers to its website and stores.

Prior to joining the retailer, Cornell was CEO of PepsiCo Americas Food items, Walmart-owned Sam’s Club and Michaels Outlets.