Target CEO to Retire10 Jan, 2008 By: Chris Tribbey
Target Corp. CEO and chairman Bob Ulrich will retire May 1, the Minneapolis-based retail chain announced Jan. 9. Target president Gregg Steinhafel will succeed Ulrich, while Ulrich will remain as chairman through the end of fiscal year 2008.
“The board has tremendous respect for Bob's exceptional leadership and the remarkable performance Target has achieved under his direction,” said Jim Johnson, vice chairman of the executive committee on Target's board of directors. “His skill and integrity have created a highly successful organization. We are completely confident in Gregg's ability to continue this legacy. “
Steinhafel, 52, first joined Target in 1979 and was promoted to EVP of merchandising in 1994. He became president of the company in 1999 and a member of the board of directors in 2007.
“Our board and I have great confidence in Gregg as the next [CEO] of Target,” Ulrich said.
Ulrich became president of Target Stores in 1984, and was promoted to CEO and chairman of the division in 1987. He became CEO and chairman of the company in 1994.