Target CEO Accumulates $140M in Deferred Compensation
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.
HSN announces partnership with Coty
NEW YORK HSN is partnering with beauty company to market and sell select Coty Prestige products beginning this spring on HSN and at HSN.com. The first products to launch on HSN will come from Coty Prestige’s Lancaster brand, with additional brands and product categories to be available later this year.
Coty Prestige products will debut on HSN in the spring of 2008 with the launch of Lancaster 365 Cellular Elixir, an advanced anti-aging serum, and an assortment of Lancaster’s top selling European-made sun protection and self- tanning products. These products will also launch in U.S. department stores.
“Our goal is always to offer our customers exceptional products and bringing the Coty Prestige brands to our audience does precisely that,” said Mindy Grossman, ceo of IAC Retailing/HSN. “Between our network and HSN.com, we are uniquely positioned to not only introduce Coty Prestige products and demonstrate their use to millions of new customers, but can also share the insight and first-hand experience that consumers resonate with in a way simply not possible through traditional retail channels.”
Kaufman to head manufacturing at Kroger
CINCINNATI Kroger has promoted Calvin Kaufman to group vp of the company and president of Kroger manufacturing, effective immediately. He will be responsible for overseeing the company’s 42 food processing plants in the United States that produce breads, dairy products, meat, beverages and thousands of grocery items for Kroger customers.
“Calvin has an extensive background in operations, distribution and engineering and we are fortunate he will be joining the Kroger manufacturing team,” said Don McGeorge, Kroger’s president and coo. “His leadership and experience will be an asset to Kroger manufacturing, an organization whose associates have been recognized for their leadership in manufacturing innovations and employee safety.”
Kaufman succeeds William Boehm, senior vp and president of Kroger manufacturing, who is retiring after 27 years at the company.