Target has announced that Brian Cornell has committed to remain as CEO for approximately three more years. The company also announced that Arthur Valdez, executive vice president and chief supply chain and logistics officer, will retire from the company. He will be succeeded by Gretchen McCarthy, senior vice president, global inventory management, effective immediately.
"Being a Target team member has been the high point of my career, and I'm energized about leading the company in the years ahead as we build on the growth we've already accomplished," said Cornell in a statement. "By taking care of our guests, our team, our communities and our shareholders, Target has added nearly $40 billion in annual revenue since I joined the company, and in many ways, we're just getting started. Our success is fueled by the best team in retail, and I am confident our culture will continue to propel our company forward. I appreciate the board's confidence, the opportunity to keep serving our guests, and the chance to continue leading Target in the years ahead."
With Cornell's commitment, Target's board eliminated its retirement policy, which was designed to initiate a discussion regarding the possible retirement of its CEO at the age of 65.
McCarthy, who has assumed the role of SVP of global inventory management, is an 18-year Target veteran, and has held numerous leadership positions across the company. During her tenure at Target, she has built a global team, modernized inventory management technology resources, led through supply chain volatility during COVID-19, and navigated inventory optimization efforts, according to the company.
"Gretchen will be an excellent addition to our leadership team,” said Cornell. “She is stepping into her role as a proven leader who will bring a deep understanding of our business operations, and a highly collaborative, solution-oriented approach to leadership. She and her global team will continue to drive our supply chain strategy to deliver for our guests and support strong enterprise growth."
McCarthy will report to John Mulligan, Target's executive vice president and chief operating officer, effective immediately. Valdez and McCarthy have been partnering closely to ensure a smooth transition, and Valdez will continue working with the Target team in an advisory role through April 2023.
Related: Target Announces Leadership Changes; Target Launches Accelerator Program.