Brian Cornell will be at the helm of Target for an additional three years, as a new agreement will keep the current CEO at the retailer into 2025.
With Cornell’s commitment, Target’s board of directors eliminated its retirement policy, which was designed to initiate a discussion regarding the possible retirement of its CEO at the age of 65.
Monica Lozano, lead independent director of Target’s Board of Directors, said it was important to the company to keep Cornell in his leadership position.
“We enthusiastically support his commitment and his continued leadership, especially considering his track record and the company’s strong financial performance during his tenure,” she said. “Since joining Target in 2014, Brian has worked to transform Target into an omnichannel leader by driving a guest-centric, purpose-driven strategy.”
“Being a Target team member has been the high point of my career, and I’m energized about leading the company in the years ahead as we build on the growth we’ve already accomplished,” Cornell said. “Our success is fueled by the best team in retail, and I am confident our culture will continue to propel our company forward.”
Additionally, Target said Arthur Valdez, executive vice president and chief supply chain and logistics officer, will retire. Gretchen McCarthy, senior vice president, global inventory management, will succeed Valdez immediately.
Valdez joined Target in 2016 and was key to transforming the retailer’s global supply chain and logistics network.
McCarthy, an 18-year Target veteran, has held numerous leadership positions across the company. 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.
McCarthy will report to John Mulligan, Target’s executive vice president and chief operating officer, effective immediately. 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