Bob Ulrich to remain as Chairman Target Board

10 Jan '08

3 min read

"During Bob's tenure, Target has achieved outstanding financial results and become one of the most recognized and valuable brands in the world," said Steinhafel. "I am fortunate to have had the opportunity to learn from one of the best leaders in the retail industry and I look forward to building on the company's success by continuing to create substantial value for our guests, our team members, our shareholders and our communities."

Mr. Steinhafel, age 52, 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 his current position, president of Target, in 1999 and became a member of the board of directors in 2007. In addition to merchandising, Steinhafel also previously had responsibility for Stores and global sourcing. Most recently, Mr. Steinhafel has led all functions related to merchandising, as well as Target's distribution network, technology services organization and legal team, including assets protection and government affairs.

"Our board and I have great confidence in Gregg as the next chief executive officer of Target," said Ulrich. "Gregg's considerable knowledge of our culture and history after 28 years with the company, his personal commitment to building a world-class team, and the innovation and energy he brings to Target every day make him uniquely qualified to lead Target and drive its continued profitable growth in the current global retail environment."

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.

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