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.