Ulrich is retiring, Steinhafel to succeed as ceo of Target  

Minneapolis — Bob Ulrich, chairman and ceo of Target Corp. for the past 14 years, will retire as ceo May 1, to be succeeded by company president Gregg Steinhafel; Ulrich will remain as chairman through the end of the fiscal year.

Ulrich, who will turn 65 in April, has presided over a retailer that has nearly tripled sales and U.S. store count since he took the helm.

Ulrich began his career as a merchandising trainee in 1967 at Dayton’s, the former department store division of Target, then known as Dayton-Hudson. He was named president of Target Stores in 1984 and then in 1987 was promoted to chairman and ceo of the Target division.

In 1994 Ulrich was named chairman and ceo of Target Corporation.

The 52-year old Steinhafel joined target in 1979, advancing through merchandising positions before being named evp of merchandising in 1994. He became president of Target in 1999 and a member of the board of directors in 2007.

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