Target drops mandatory CEO retirement age, Cornell to stay

Target is dropping the mandatory retirement age for its CEO and extended its contract with Chief Executive Brian Cornell for three years.

Cornell would have passed mandatory retirement age in that span.

“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 said Monica Lozano, the lead independent director of Target’s board.

The company also announced Wednesday that Arthur Valdez, executive vice president and chief supply chain and logistics officer, will retire. Valdez will be succeeded by Gretchen McCarthy, senior vice president, global inventory management.

Cornell joined Target in 2014.