It’s official: Steinhafel named Target chairman

Less than a year after succeeding Bob Ulrich as CEO of Target, Gregg Steinhafel has assumed the additional responsibility of chairman of the retailer.

The move last week was part of a well-orchestrated succession strategy that was set in motion roughly a decade ago when Steinhafel was named president. Steinhafel, 53, joined Target in 1979 and served in a variety of merchandising positions until being named EVP merchandising in 1994. He was elevated to the role of president in 1999 and became a board member in 2007. He went on to succeed Ulrich as CEO in May 2008. Ulrich, who spent 41 years with Target, was designated chairman emeritus in recognition of his many significant contributions.

“During Bob’s tenure, Target has achieved outstanding financial results and [has] become one of the most recognized and valuable brands in the world,” said Jim Johnson, vice chairman of the executive committee of the board. “As we look to the future, we are completely confident in Gregg’s leadership and his ability to build on Bob Ulrich’s legacy by continuing to deliver a superior guest experience, enhancing Target’s team culture, reinforcing the company’s strong commitment to its communities and positioning Target to generate profitable growth for many years to come.”

Ulrich began his career as a merchandising trainee in 1967 at Dayton’s, a former division of Target Corp. He subsequently held a variety of positions in stores and merchandising. He was named president of Target Stores in 1984 and became chairman and CEO of the division in 1987. In 1994, Ulrich was named chairman and CEO of the corporation.