Target is dropping the mandatory retirement age for its CEO, allowing its Chief Executive Brian Cornell to stay on for three more years.
“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 in a release on Wednesday.Advertisement
The company has also been out front with its investment with workers. It raised its minimum wage to $15 per hour in 2020, a commitment it pledged in 2017 and well ahead of many grocery rivals. Earlier this year, Target adopted minimum wages that range from $15 to $24 an hour, with the highest pay going to hires in the most competitive markets.
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