Target renegotiates deal with CEO Brian Cornell
Minneapolis – Target Corp. has made a key change to corporate policy that will impact the leadership of the company, which is the second largest retailer of home textiles in the U.S.
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CEO and chairman Brian Cornell has committed to his role for another three years. With that commitment, Target’s board of directors has eliminated its retirement policy, which was designed to initiate a discussion regarding the possible retirement of its CEO at the 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.
She credited Cornell with leading the effort to transform Target into a major omnichannel player “by driving a guest-centric, purpose-driven strategy” since joining the company in 2014.
Cornell noted Target has added nearly $40 billion in annual revenue “since I joined the company, and in many ways, we’re just getting started.”
The position of chief supply chain and logistics officer is changing hands, effective immediately. Gretchen McCarthy, senior vice president, global inventory management, replaces Arthur Valdez, who is retiring.
An 18-year Target veteran, McCarthy has held numerous leadership positions across the company. She brings “a deep understanding of Target’s business operations,” the company noted, 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.
In her new role, McCarthy reports to John Mulligan, Target’s executive vice president and chief operating officer.
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.
“Arthur brought deep expertise to Target, and his leadership drove significant innovation across our supply chain, fueling Target’s omnichannel growth,” 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.”