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Target Announces Leadership Updates; Brian Cornell Discusses

Target Announces Leadership Updates; Brian Cornell Discusses


MINNEAPOLIS, MN
Friday, September 9th, 2022

An executive update came down the pipeline last week, as Target Corporation announced multiple movements within its team. Brian Cornell, for one, has committed to remain as Chief Executive Officer for approximately three more years. Senior Vice President of Global Inventory Management Gretchen McCarthy will be stepping into the role of Executive Vice President and Chief Supply Chain and Logistics Officer, succeeding Arthur Valdez as he retires.

Brian Cornell, Chairman and Chief Executive Officer, Target"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," said Cornell. "By taking care of our guests, our team, our communities, and our shareholders, Target has added nearly $40 billion in annual revenue since I joined the company, and in many ways, we're just getting started."

Cornell continued, "Our success is fueled by the best team in retail, and I am confident our culture will continue to propel our company forward. I appreciate the Board's confidence, the opportunity to keep serving our guests, and the chance to continue leading Target in the years ahead."

Brian Cornell has committed to remain as Chief Executive Officer 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, according to a press release.

Gretchen McCarthy, Executive Vice President and Chief Supply Chain and Logistics Officer, TargetMcCarthy, 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. She will report to John Mulligan, Executive Vice President and Chief Operating Officer, effective immediately.

As noted in the release, Valdez and McCarthy have been partnering closely to ensure a smooth transition.

Arthur Valdez, Retiring Executive Vice President and Chief Supply Chain and Logistics Officer, TargetSince joining Target in 2016, Valdez has played a critical role in transforming its global supply chain and logistics network, advancing Target's ability to offer a best-in-class omnichannel experience for guests. The press release stated that he will continue working with the Target team in an advisory role through April 2023.

For more comments on these executive changes, read the press release in full here.

Deli Market News will continue to report on the latest and greatest in retail.

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