New York Target Corp.'s outgoing CEO has amassed more than $140 million in deferred compensation and pension benefits during his four-decade tenure at the discount retailer, a filing with U.S. securities regulators showed on Monday.
Robert Ulrich is slated to retire as CEO on May 1, but he will remain chairman of the board. Gregg Steinhafel, who joined Target in 1979 and is now its president, will succeed Ulrich as CEO.
In a regulatory filing, Target said Ulrich received much of his compensation in the mid-1980s, into the 1990s through a deferred compensation program designed to retain top talent and reward longevity with the company.
This helped build his $140.79 million in accumulated savings, earnings and supplemental pension benefits, the filing said.