MINNEAPOLIS, MN - Target Corporation has tripled the intrigue with its latest announcement, revealing three executive plans being carried out. First, Brian Cornell has committed to remain as Chief Executive Officer for approximately three more years. In addition, Gretchen McCarthy, Senior Vice President of Global Inventory Management, will be stepping in as Executive Vice President and Chief Supply Chain and Logistics Officer as Arthur Valdez retires from the role.

"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."

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.

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.

She will report to John Mulligan, Executive Vice President and Chief Operating Officer, effective immediately. Valdez and McCarthy have been partnering closely to ensure a smooth transition.

Since 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.

We wish these leaders the best of luck as they take their next steps.

Target