Minneapolis Target Corp. announced on Wednesday that Bob Ulrich will step down as chief executive, effective May 1. He will be replaced by Target president Gregg Steinhafel. Ulrich will remain chairman through the end of fiscal 2008.
Ulrich, 64, began his career as a merchandising trainee in 1967 at Dayton's, a former division of Target Corporation. In 1994, he was named chairman and CEO of the corporation.
Steinhafel, 52, joined Target in 1979 and served in a variety of merchandising positions until being named executive VP, merchandising in 1994. He was appointed president in 1999 and became a member of the board of directors in 2007.
“During Bob's tenure, Target has achieved outstanding financial results and became one of the most recognized and valuable brands in the world," Steinhafel said in a prepared statement. "I am fortunate to have had the opportunity to learn from one of the best leaders in the retail industry."