Gregg Steinhafel

Gregg Steinhafel (born 1954) is an American business executive, and the former President, CEO and Chairman of the Board of Target Corporation.

Gregg Steinhafel
Chairman and President of the Board of Target
In office
2001–2010
Personal details
Born1954 (age 66–67)
NationalityAmerican
Alma materCarroll University
OccupationBusiness executive

Early life

Gregg Steinhafel was born in 1954 in Milwaukee, Wisconsin. His grandfather, a Russian immigrant, founded Steinhafels Furniture in Milwaukee in 1934.[1][2] He began working in the store when he was in grade school, performing odd jobs. He graduated from Carroll University in Waukesha, Wisconsin[3] and the Kellogg School of Management at Northwestern University in Evanston, Illinois.[4]

Career

In 1979, he was recruited as a merchandising trainee by Target, where he moved up the organization ranks. He became the Executive Vice President of Merchandising in July 1994 and became Chief Executive Officer on May 1, 2008.[5] On May 2, 2014, Target executives issued a "him or us" ultimatum[6] that forced Steinhafel to resign from his position as CEO on May 5, 2014[7] as a result of the data breach that affected 70 million to 110 million consumers.[8] His tenure as CEO of Target also included a disastrous expansion of Target into Canada in which the company lost $2 billion in 2 years. On top of the cost burden from buying out 220 leases of discount retailer chain Zellers, the expansion was plagued by flawed execution, including inventory and restocking problems, poor locations and higher prices than Canadian shoppers expected.[9] Gregg Steinhafel received a severance package of $61 million and agreed to "remain employed by Target in an advisory capacity to assist with the transition through no later than August 23, 2014."[10]

Steinhafel is also Director, Member of Nominating and Governance Committee and Member of Compensation & Human Resources Committee for The Toro Company and Vice Chairman of the Retail Industry Leaders Association.[11]

References
  1. "Steinhafel to take over at Target". Milwaukee Wisconsin Journal Sentinel. 2014-05-15. Archived from the original on 2014-05-15. Retrieved 2018-08-28.
  2. Barry Adams. "Steinhafels keeping family touch as company grows". Host.madison.com. Retrieved 26 October 2017.
  3. "Archived copy". Archived from the original on 2014-06-06. Retrieved 2014-06-04.CS1 maint: archived copy as title (link)
  4. "With teamwork, Gregg Steinhafel hits the bull's-eye at Target". Kellogg School of Management | Northwestern University. Retrieved 2017-10-18.
  5. "Gregg W. Steinhafel: Executive Profile & Biography - Bloomberg". Bloomberg.com. Retrieved 2017-10-18.
  6. ZIOBRO, PAUL; NG, SERENA. "Retailer Target Lost Its Way Under Ousted CEO Gregg Steinhafel". Wall Street Journal. Retrieved 18 September 2014.
  7. "Target fired CEO Gregg Steinhafel, cut compensation, proxy shows". Startribune.com. Retrieved 26 October 2017.
  8. Harris, Elizabeth A.; Perlroth, Nicole (26 October 2017). "For Target, the Breach Numbers Grow". Nytimes.com. Retrieved 26 October 2017.
  9. "Why Target's Canadian Expansion Failed". Hbr.org. Retrieved 26 October 2017.
  10. "Target CEO Gregg Steinhafel's golden parachute: $61 million". Fortune. Retrieved 2017-10-26.
  11. "Gregg W. Steinhafel: Executive Profile & Biography - Bloomberg". Bloomberg.com. Retrieved 2017-10-26.
This article is issued from Wikipedia. The text is licensed under Creative Commons - Attribution - Sharealike. Additional terms may apply for the media files.