Ulrich to retire as Target ceo in May

MINNEAPOLIS Target announced today that Bob Ulrich, ceo and chairman of the board, will retire as ceo effective May 1, 2008. Gregg Steinhafel, president, was named by the board to succeed Ulrich as ceo. Ulrich will remain as chairman through the end of fiscal 2008, the company reported.

Ulrich began his career as a merchandising trainee in 1967 at Dayton’s, a former division of Target. 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, he was named chairman and ceo of the corporation.

According to Target, Ulrich has lead Target toward tripled sales and U.S. store presence, and increased net earnings.

Jim Johnson, vice chairman of the executive committee of Target’s board of directors, said, “The board has tremendous respect for Bob’s exceptional leadership and the remarkable performance Target has achieved under his direction. His skill and integrity have created a highly successful organization and talented executive team which are admired throughout the retail industry. We are completely confident in Gregg’s ability to continue this legacy, positioning Target to deliver profitable growth for many years to come.”