(Reuters) – Target Corp said on Wednesday Brian Cornell would stay on as chief executive for another three years, with the retailer scrapping its policy of CEOs having to retire at the age of 65.
Cornell, 63, took over as Target’s CEO in 2014 after serving as head of PepsiCo’s Americas Foods division. He has also served as CEO of Walmart Inc’s Sam’s Club unit.
“In discussions about the company’s longer term plans, it was important to us as a board to assure our stakeholders that Brian intends to stay in his role beyond the traditional retirement age of 65,” said Monica Lozano, the lead independent director of Target’s board.
The company also said Chief Supply Chain and Logistics Officer Arthur Valdez will retire and be succeeded by Gretchen McCarthy, head of Target’s global inventory management.
(Reporting by Uday Sampath in Bengaluru; Editing by Anil D’Silva)
