Target Names Steinhafel as Chairman of Board

Minneapolis Target Corp. said Thursday it named president and chief executive Gregg Steinhafel to the added role of chairman, effective Feb. 1, succeeding Bob Ulrich, who is retiring later this month.

As planned, Ulrich is retiring at the end of the retailer's 2008 fiscal year after 41 years with Target. Ulrich will be designated chairman emeritus.

Steinhafel, 53, joined Target in 1979 and served in a variety of merchandising positions until being named executive VP, merchandising in 1994. He was promoted to president of Target in 1999, became a director in 2007 and succeeded Ulrich as CEO in May 2008.