Headlines

Target, Best Buy Announce Management Succession Changes

Target’s Bob Ulrich will retire this month, succeeded by Gregg Steinhafel; Best Buy’s Brad Anderson will retire this summer, succeeded by Brian Dunn

Published

15 years ago

January 22, 2009

VMSD Staff

Two large Minneapolis-area retailers announced expected executive changes.

Target Corp. said chairman Bob Ulrich will retire at the end of January and will be succeeded by ceo Gregg Steinhafel. This completes the transition that began when Steinhafel was tapped for his current post a year ago.

Ulrich will become chairman emeritus. A 41-year Target veteran, he became president in 1984 and chairman and ceo in 1987. He is credited with creating Target's “cheap chic” marketing strategy some 20 years ago.

And Brian Dunn, president and chief operating officer of Best Buy Co. Inc., will take over this summer as ceo, succeeding the retiring Brad Anderson. Dunn began working at the company as a store clerk in 1985.

Anderson, who called his forthcoming departure “bittersweet,” will complete his term as vice chairman after he steps down June 24, 2009, at the company's next scheduled shareholders meeting.

Best Buy said it had yet to choose who will succeed Dunn as president and coo.

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