Target CEO Brian Cornell has agreed to stay on in his role three more years, the retailer announced Wednesday.
The company scrapped its retirement age of 65, allowing 63-year-old Cornell to keep his position in the retail company that is seeking to provide stability as the retail industry is struggling.
“We enthusiastically support his commitment and his continued leadership, especially considering his track record and the company’s strong financial performance during his tenure,” Monica Lozano, lead independent director of Target’s board of directors, said in a news release.
She noted that since joining Target in 2014, Cornell transformed the company into “an omnichannel leader by driving a guest-centric, purpose-driven strategy”.
Under Cornell’s leadership, the Minneapolis based company has expanded its customer base, launched private brands and signed partnership deals with prominent companies. However, the company has been struggling with a growing inventory and slow sales.
Target reported a bigger than expected 90% fall in quarterly earnings last month and has cut its forecast twice. Shares of the company are down about 30% so far this year.
Additionally, Target announced 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, effective immediately.