Target's CEO Bob Ulrich will retire and be replaced by president Gregg Steinhafel. Ulrich will step down as CEO on May 1, soon after he turns 65. He will remain as chairman through Jan. 31, 2009.
Ulrich started as a merchandising trainee in 1967 at Target's predecessor, the Dayton Corp., which had opened its first Target discount store five years earlier. Ulrich held the chairman and CEO posts for 14 years. The company said that during his tenure, it has nearly tripled its sales and U.S. stores, and profits have jumped almost ninefold.