Target reduced the mandatory retirement age for its CEO and extended the contract with Chief Executive Brian Cornell by three years.
Cornell will turn 65 in that span.
“In discussing the company’s long-term plans, it was important for us as a board to assure our stakeholders that Brian intends to remain in his role beyond the traditional retirement age of 65,” said Monica Lozano, independent director of Target. board
Sales have grown steadily since Cornell took the top job in 2014, and Target has become a lifeline for millions of people trying to limit their exposure during the pandemic.
The company is trying to navigate massive changes in consumer behavior with the worst of the pandemic in the rearview mirror while it wrestles with rising prices and rising wages for workers.
The company also announced Wednesday that Arthur Valdez, executive vice president and chief supply chain and logistics officer, will retire. Valdez will be succeeded by Gretchen McCarthy, senior vice president, global inventory management.