Target Says Brian Cornell Commits To Remain CEO For Approximately Three More Years

(RTTNews) - Target Corp. (TGT) announced Tuesday that Brian Cornell has committed to remain as CEO and lead the company for approximately three more years. 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.

Additionally, the company announced Arthur Valdez, executive vice president and chief supply chain and logistics officer, will retire from Target. He will be succeeded by Gretchen McCarthy, senior vice president, global inventory management, effective immediately.

Since joining Target in 2016, Valdez has played a critical role in transforming its global supply chain and logistics network. Valdez will continue working with the Target team in an advisory role through April 2023.

McCarthy, an 18-year Target veteran, has held numerous leadership positions across the company. She brings a deep understanding of Target's business operations, with experience spanning supply chain transformation, merchandise planning and buying. 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.