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CEO Ulrich Stepping Down at Target

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Target Corp. said Wednesday that President Gregg Steinhafel would take over for retiring CEO Bob Ulrich, a long-expected handoff that comes just as the nation's second-largest retailer hits a rough patch.

Target said Ulrich would step down as CEO on May 1, soon after he turns 65. He will remain as chairman through Jan. 31, 2009.

Steinhafel, 52, has a reputation for being a frequent visitor to Target stores, and for a sharp eye for the style factor in the goods they offer. He has been with Target's predecessor company since 1979, became executive vice president of merchandising in 1999, and, in a signal that he was on his way toward the CEO's chair, was named to the board last year.

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Elaine Misonzhnik

Senior associate editor Elaine Misonzhnik has been writing for National Real Estate Investor since June 2006 and has covered commercial real estate for more than 12 years. She first became...
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