MINNEAPOLIS--(BUSINESS WIRE)--Jan. 15, 2009--Target Corporation (NYSE:TGT) announced today that its board of
directors has appointed Gregg Steinhafel, president and chief executive
officer, to the additional role of chairman of the board, effective
February 1, 2009. Steinhafel succeeds Bob Ulrich, who will retire from
the Board, as previously announced, at the end of the 2008 fiscal year,
completing a distinguished 41-year career with the company. The board
also announced that Mr. Ulrich will be designated chairman emeritus in
recognition of his many significant contributions.
"During Bob's tenure, Target has achieved outstanding financial results
and become one of the most recognized and valuable brands in the world,"
said Jim Johnson, vice chairman of the Executive Committee of Target's
board of directors. "As we look to the future, we are completely
confident in Gregg's leadership and his ability to build on Bob Ulrich's
legacy by continuing to deliver a superior guest experience, enhancing
Target's team culture, reinforcing the company's strong commitment to
its communities and positioning Target to generate profitable growth for
many years to come."
Mr. Steinhafel, age 53, joined Target in 1979 and served in a variety of
merchandising positions until being named executive vice president,
merchandising in 1994. He was promoted to president of Target in 1999
and became a member of the board of directors in 2007. Mr. Steinhafel
succeeded Mr. Ulrich as chief executive officer of Target Corporation in
May 2008. Mr. Steinhafel is a graduate of Carroll College and
Northwestern University's Kellogg School of Management. He is a member
of the board of The Toro Co., the Retail Industry Leaders Association
(RILA) and Tree House, a Minnesota-based non-profit organization.
Mr. Ulrich began his career as a merchandising trainee in 1967 at
Dayton's, a former division of Target Corporation. He subsequently held
a variety of positions in stores and merchandising. He was named
president of Target Stores in 1984 and became chairman and chief
executive officer of the division in 1987. In 1994, Mr. Ulrich was named
chairman and chief executive officer of the corporation.
Target Corporation's retail segment includes large general merchandise
and food discount stores and Target.com, a fully integrated on-line
business. In addition, the company operates a credit card segment that
offers branded proprietary and Visa credit card products. The company
currently operates 1,683 Target stores in 48 states.
CONTACT: Target Corporation
John Hulbert, 612-761-6627
Eric Hausman, 612-761-2054
Source: Target Corporation