Minneapolis Target Corp. announced that chairman, president and CEO John Stumpf of Wells Fargo & Co. has been appointed to its board of directors, effective immediately. Stumpf will replace George Tamke, who retired from the board on March 9.
Stumpf is a 28-year veteran at Wells Fargo, having joined the former Norwest Corp. (predecessor of Wells Fargo) in 1982. He was named CEO in June 2007, elected to Wells Fargo’s board of directors in June 2006, and has been president since August 2005.
George Tamke has served on Target’s board since 1999. He is a partner at Clayton, Dubilier, & Rice, a private investment firm.
Target also announced today that Richard Kovacevich, former chairman and CEO of Wells Fargo & Co., intends to retire from Target’s board of directors on Dec. 31. Kovacevich has served on Target’s board since 1996.