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Target abandons retirement policy, CEO Cornell to remain in top job
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Target announced Wednesday that CEO Brian Cornell agreed to continue leading the retailer for about three more years and its board eliminated the company's mandatory retirement age policy.
The move allows 63-year-old Cornell, who has led the company since 2014, to remain in the top job past age 65.
"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," Monica Lozano, lead independent director of Target’s Board of Directors, said, noting that the company has had strong financial performance during his tenure.
The Minneapolis-based chain had been accelerating its online services such as curbside pickup and same-day services while sprucing up its stores well before the pandemic. During the height of the health crisis, Target became a lifeline to millions of people trying to limit their exposure during the pandemic.