THE WHAT? Target has announced that CEO Brian Cornell has committed to a further three-year term in the top job. The US retailer has also announced the retirement of Arthur Valdez as Executive Vice President and Chief Supply Chain and Logistics Officer.
THE DETAILS Valdez will be succeeded by Gretchen McCarthy, SVP, Global Inventory Management, effective immediately. McCarthy is described as a ‘Target veteren’, having worked at the US retailer for the past 18 years across of number of leadership roles.
“Arthur brought deep expertise to Target, and his leadership drove significant innovation across our supply chain, fueling Target’s omnichannel growth. On behalf of the entire Target team, I thank Arthur for his contributions and wish him well as he transitions to retirement,” said Cornell. “Gretchen will be an excellent addition to our leadership team. 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.”
THE WHY? Monica Lozano, Lead Independent Director of Target’s Board of Directors, commented, “In discussions about the company’s longer-term plans, it was important to us as a board to assure our stakeholders that Brian intends to stay in his role beyond the traditional 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. Since joining Target in 2014, Brian has worked to transform Target into an omnichannel leader by driving a guest-centric, purpose-driven strategy. The board is pleased that Brian has committed to continue leading Target’s strategy and driving its multi-year, long-range plan alongside his talented leadership team.”