Brian Cornell, Chairman and Chief Executive Officer of the Target Corporation.
Anjali Sundaram | CNBC
Target 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.
“We enthusiastically support his commitment and his continued leadership, especially considering his track record and the company’s strong financial performance during his tenure,” Monica Lozano, lead independent director of Target’s board of directors said in a news release.
Cornell, who is 63, has been Target’s chief executive since 2014. Prior to joining the retailer, he served as CEO of PepsiCo Americas Foods, Walmart-owned Sam’s Club and Michaels Stores.
Separately, the company 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.
This story is developing. Please check back for updates.
Read More: Target CEO Brian Cornell to stay on for three more years, as company