Target CEO Brian Cornell has agreed to stay on in his role for about three more years, as the retailer announced Wednesday that it’s scrapping its 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,” Monica Lozano, lead independent director of Target’s board of directors, said in a news release.
Cornell, who is 63, has been Target’s chief executive since 2014. Under his leadership, the company has expanded its customer base and built on its reputation as a discounter with unique and fashion-forward merchandise. But more recently, Target has grappled with huge shifts in shopping habits with sales slowing and unwanted merchandise piling up.CNBC