arget has long been known for its commitment to affordability, offering a wide variety of products at discount prices. Despite its focus on keeping costs low for customers, the salary of Target’s CEO, Brian Cornell, has been reported as being 775 times that of the company’s median employee salary. In this article, we explore how Target manages to balance a high executive salary with its brand promise of “Expect More. Pay Less.”
What is Target Company?
Founded in 1902, Target is one of the largest discount retailers in the United States, with a vast network of stores and a reputation for offering high-quality products at affordable prices. The company’s signature red bull’s-eye emblem is instantly recognizable, and its customer service, store layout, and exclusive brand collaborations have helped it carve out a unique niche in the retail industry.
Target has a history of giving back to the community, pledging to donate a portion of its profits to support local initiatives and combat social issues like poverty and disaster preparedness.
Target CEO: Brian Cornell
Brian Cornell, the current Chairman and CEO of Target, has been with the company since 2014. Under his leadership, Target has grown significantly, making major investments in its digital and supply chain infrastructure to meet the evolving demands of both traditional and online shopping. Cornell’s leadership experience spans over 30 years, with previous roles as CEO at Michaels, Sam’s Club, and PepsiCo Americas Foods.
Cornell’s leadership extends beyond business as he advocates for diversity and inclusion and serves on the boards of several prestigious organizations, including Catalyst and the Smithsonian’s National Museum of African American History and Culture.
In 2022, Target’s board extended Cornell’s tenure by waiving the company’s standard retirement age of 65, allowing him to continue guiding Target through a period of economic uncertainty and inflation.
Target CEO Salary Information
In 2021, Brian Cornell’s total compensation was a staggering $19,758,766, which included a base salary of $1,400,000, a bonus of $3,996,440, and stock awards worth $13,749,937. The majority of his compensation came from stock awards, which can fluctuate based on Target’s stock performance. Additionally, Cornell received $612,389 in other incentives, including $224,997 for private aircraft use related to security concerns.
Cornell’s compensation is notable for being 775 times higher than the median employee salary at Target, which is around $25,501 annually. This large disparity in salary has sparked discussions about income inequality within the company, especially considering Target’s emphasis on affordable pricing.
Headquarters and Global Presence
Target’s headquarters are located in downtown Minneapolis, Minnesota, and the company operates offices and supply chain facilities worldwide. Target’s Bengaluru, India office is a key extension of its Minneapolis headquarters, housing over 3,000 team members who work closely with their U.S. counterparts.
Conclusion
Despite the significant salary disparity between Target’s CEO and its median employee, the company continues to maintain its reputation as one of the leading retailers in the U.S. Target’s commitment to customer experience, community service, and strategic growth has allowed it to thrive even in challenging times. With Brian Cornell at the helm, Target is poised to continue evolving and expanding its impact across the globe.