Ulrich to Retire as Target CEO

MINNEAPOLIS — Target Corp. here said yesterday that longtime Chairman and Chief Executive Officer Bob Ulrich will retire as CEO on May 1. Gregg Steinhafel, president, was named by the company’s board of directors to succeed him as CEO. Ulrich will remain chairman through the rest of 2008. Ulrich, 64, began his career at Dayton’s, a former Target division, in 1967, and worked in various merchandising and executive posts before becoming chairman and CEO of Target Corp. in 1994. Under his tenure, the company has “nearly tripled its U.S. sales,” Target said. Steinhafel, 52, joined Target in 1979 and has been president since 1999.

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