Target (NYSE:TGT) CEO Brian Cornell has agreed to stay on in his role for about three more years, as the retailer announced Wednesday that it’s scrapping its retirement age of 65.
Cornell, 63, has been Target’s chief executive since 2014. Under his leadership, Target has expanded its customer base and built on its reputation as a discounter with unique and fashion-forward merchandise. But more recently, the company has grappled with huge shifts in shopping habits as sales slowed and unwanted merchandise piled up.
The company cut its forecast twice, and its quarterly profit fell nearly 90% in the three-month period ended July 30 as it tried to sell off that excess inventory with deep discounts.
Shares of the company are down about 29% so far this year.
Separately on Wednesday, Target said Arthur Valdez, chief supply chain and logistics officer, will retire. He will be succeeded by Gretchen McCarthy, an 18-year Target veteran who is currently senior vice president of global inventory management. She will report to Target’s COO John Mulligan, effective immediately, as Valdez will serve in an advisory role through April.
TGT shares opened Wednesday better by $2.02, or 1.2%, to $165.60
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