Thursday, discount-store operator Target Corp. (TGT) announced that its president and chief executive officer Gregg Steinhafel will take on the additional role of chairman of the board, effective February 1, 2009.
Steinhafel succeeds Bob Ulrich, who will retire from the Board, as previously announced, completing a 41-year career with the company. The company said that Ulrich will be designated chairman emeritus.
Steinhafel joined Target Corp. in 1979 and served in a variety of merchandising positions until being named executive vice president, merchandising in 1994. He was promoted to president of Target in 1999 and became a member of the board of directors in 2007. Steinhafel succeeded Ulrich as CEO in May 2008.
Early this month, the company warned that its fourth quarter profitability would be pressured by reduced prices as well as its accounts receivable allowance. Target Corp is scheduled to report its fourth-quarter results on February 24.
TGT closed Wednesday's trade at $33.70.
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