Steinhafel Set to Succeed Ulrich as Target Chairman

Target Corp. said it has named Gregg Steinhafel chairman of the board, effective Feb. 1.

MINNEAPOLIS — Target Corp. here said it has named Gregg Steinhafel chairman of the board, effective Feb. 1.

He will also continue as president and chief executive officer. Steinhafel succeeds Bob Ulrich, who will retire from the board, as previously announced, at the end of the company's fiscal year, when he will assume the title of chairman emeritus. According to Jim Johnson, vice chairman of the executive committee of Target's board of directors, “As we look to the future, we are completely confident in Gregg's leadership and his ability to build on Bob Ulrich's legacy.”

Steinhafel, 53, joined Target in 1979 and served in a variety of merchandising positions before being named executive vice president, merchandising, in 1994; he was named president in 1999, and he succeeded Ulrich as CEO last May. Ulrich, who joined the company in 1967, was named president of Target Stores in 1984; chairman and CEO of the division in 1987; and chairman and CEO of the corporation in 1994.

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