Target CEO to Retire

The chief executive of Target, Bob Ulrich, will step down in May, and be replaced by Gregg Steinhafel, who is currently the company’s president, the Minneapolis Star Tribune reported Wednesday. The move had been expected for quite some time.

Ulrich, who will reach the mandatory retirement age of 65 this spring, will remain Target’s chairman of the board through 2009. He became CEO of Dayton Hudson Corp., Target’s corporate predecessor, in 1994. He oversaw the change of the company into Target, the selling off of the company’s other former department store properties, and the emergence of Target as a hip alternative to other discount chains.