Target Reveals Leadership Changes; Brian Cornell to Step Down in Three Years
Target is updating its C-suite.
The big-box retailer revealed Wednesday that Brian Cornell will remain the company’s chief executive officer for three more years. In addition, Arthur Valdez, executive vice president and chief supply chain and logistics officer, is retiring from Target. He will be succeeded by Gretchen McCarthy, senior vice president, global inventory management, effective immediately.
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“In discussions about the company’s longer-term plans, 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, lead independent director of Target’s board of directors, said in a statement. “We enthusiastically support his commitment and his continued leadership, especially considering his track record and the company’s strong financial performance during his tenure. Since joining Target in 2014, Brian has worked to transform Target into an omnichannel leader by driving a guest-centric, purpose-driven strategy. The board is pleased that Brian has committed to continue leading Target’s strategy and driving its multiyear, long-range plan alongside his talented leadership team.”
Cornell added: “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. 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. 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.”
In addition, Valdez, who joined Target’s team in 2016, will retire.
“Arthur brought deep expertise to Target and his leadership drove significant innovation across our supply chain, fueling Target’s omnichannel growth. On behalf of the entire Target team, I thank Arthur for his contributions and wish him well as he transitions to retirement,” Cornell said.
Taking his place will be McCarthy, who has been with Target for 18 years and held numerous leadership positions across the company. McCarthy will report directly to John Mulligan, Target’s executive vice president and chief operating officer.
“Gretchen will be an excellent addition to our leadership team,” Cornell said. “She is stepping into her role as a proven leader who will bring a deep understanding of our business operations and a highly collaborative, solution-oriented approach to leadership. She and her global team will continue to drive our supply chain strategy to deliver for our guests and support strong enterprise growth.”
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