Headlines

Target Eschews Old Retirement Policy, Announces Leadership Updates

The old policy was designed to create a discussion about the possible retirement of its CEO at age 65

Published

2 years ago

September 13, 2022

VMSD Staff

Courtesy of Target

Target (Minneapolis) has eliminated its retirement policy which was designed to examine the possibility of its CEO retiring at age 65, according to a company press release. Cornell, 63, has been Target’s Chair and CEO since 2014.

“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,” Monica Lozano, of Target’s board of directors, says. “We enthusiastically support his commitment and his continued leadership.”

Additionally, Arthur Valdez, Executive VP and Chief Supply Chain and Logistics Officer, will retire. Gretchen McCarthy, the company’s current Senior VP, Global Inventory Management, will take over Valdez’s position. She will report to John Mulligan, Executive VP and Chief Operating Officer, Target. Valdez will remain with Target in an advisory role through April 2023.

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