Bob Ulrich to remain as Chairman Target Board

10 Jan '08

3 min read

Target Corporation's board of directors announced that Bob Ulrich, chief executive officer and chairman of the board, will retire as CEO effective May 1, 2008. Gregg Steinhafel, president, was named by the board to succeed Ulrich as chief executive officer. Ulrich, who turns 65 in April, will remain as chairman through the end of fiscal 2008.

Jim Johnson, vice chairman of the Executive Committee of Target's board of directors, said, "The Board has tremendous respect for Bob's exceptional leadership and the remarkable performance Target has achieved under his direction. His skill and integrity have created a highly successful organization and talented executive team which are admired throughout the retail industry. We are completely confident in Gregg's ability to continue this legacy, positioning Target to deliver profitable growth for many years to come."

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. Under Ulrich's leadership, Target has nearly tripled its sales and U.S. store presence, has increased its net earnings nearly nine-fold and has become one of the most well-respected and recognized brands in retail.

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