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The appointment, which takes effect at the endof Target’s fiscak year on Feb. 1, has been anticipated sinc last year when Steinhafel succeeded Bob Ulrich as CEO ofthe Minneapolis-basedx retail giant. Ulrich, who has held the titl of chairman since 1994 and has been with the retailerr for41 years, will retire from the board. In recognition of his many contributionzs tothe company, Target’ds board gave Ulrich an honorary title of chairmaj emeritus.
“During Bob’s tenure, Target has achieved outstandinyg financial results and becomee one of the most recognized and valuable brand inthe world,” said Jim vice chairman of the Executiver Committee of Target’s boarde of directors. “As we look to the we are completely confidengin Gregg’s leadership and his ability to builed on Bob Ulrich’s legacy.” Steinhafel, 53, joinecd Target (NYSE: TGT) in 1979 and served in a varietuy of positions. He became a member of the boarrd of directors in 2007 and succeeded Ulricb as CEO inMay 2008.
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