Target CEO Receives Pay Package of $16.9 Million for 2015
26 April 2016 - 1:01AM
Dow Jones News
By Tess Stynes
Target Corp. said Chief Executive Brian C. Cornell's pay package
fell to $16.9 million for 2015, a decline from his $28.2 million in
2014 compensation that included a make-whole incentive package to
leave his previous post at PepsiCo Inc.
Mr. Cornell, who joined Target in August 2014, received
make-whole compensation of more than $14 million that year.
For 2015, Mr. Cornell's salary more than doubled to $1.3
million, while his stock awards declined to $13.4 million from
$27.4 million, according to a regulatory filing. Mr. Cornell's
prorated salary for the time he was with Target in 2014 was
$595,000.
Mr. Cornell joined Target after a long string of weakness for
the discount retailer caused executives to rethink Target's purpose
and forced the removal of its previous CEO, Gregg Steinhafel.
Mr. Cornell has been aiming to restore Target's relevance with
customers, including a recent push to improve its digital
operations.
Target in February reported strong growth in its online business
for the key holiday quarter, crossing $1 billion in digital sales
for the first time, though aggressive promotions weighed on its
earnings. During the quarter, online accounted for 5% of Target's
total $21.6 billion in sales. Meanwhile, the promotions and overall
efforts to improve merchandise and spruce up stores with better
displays also brought in more shoppers for a fifth straight
quarter.
For its fiscal year ended Jan. 30, the discount retailer swung
to a profit of $3.4 billion from a loss of $1.6 billion a year
earlier. Revenue rose 1.6% to $73.79 billion.
Write to Tess Stynes at tess.stynes@wsj.com
(END) Dow Jones Newswires
April 25, 2016 10:46 ET (14:46 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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