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MINNEAPOLIS -- Bob Ulrich, chairman and c.e.o. of Target Corp. based here, will retire as c.e.o. effective May 1, and will be succeeded in that post by president Gregg Steinhafel. Ulrich, who turns 65 years old in April, will remain as chairman through the end of fiscal 2008, the retailer said.
Under Ulrich's leadership, Target nearly tripled its sales and U.S. store presence, and increased its net earnings nearly nine-fold while becoming one of the most well-respected and recognized brands in retail.
Ulrich began his career as a merchandising trainee in 1967 at Dayton's, a former Target division. He was named president of Target Stores in 1984 and became chairman and c.e.o. of the division in 1987. In 1994, Ulrich was named Target Corp.'s chairman and chief executive.
"The board has tremendous respect for Bob's exceptional leadership and the remarkable performance Target has achieved under his direction," said Jim Johnson, vice chairman of the company's executive committee. "His skill and integrity have created a highly successful organization and talented executive team which are admired throughout the retail industry."
Steinhafel, 52, joined Target in 1979 and served in a variety of merchandising positions until being named e.v.p./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, 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.
Target Corp. operates 1,591 Target stores in 47 states.