Pursuits
Target Cuts CEO Cornell's Pay by One-Third After Difficult Year
- Retailer’s chief received no bonus after missing targets
- Turnaround plan includes reducing prices and remodeling stores
Target Corp. shopping carts sit inside a company store in Chicago.
Photographer: Christopher Dilts/BloombergThis article is for subscribers only.
Target Corp. Chief Executive Officer Brian Cornell got no bonus and saw his pay cut by one-third after a year marred by disappointing sales, customer defections and executive departures.
Cornell’s compensation declined 33 percent last year to $11.3 million, most of which came from stock awards valued at $9.65 million, according to a proxy statement filed Monday. The company said management fell “well short” of sales and profit targets.