Whether it's data security, executive turnover or gambles on expansion, everything is happening at Target these days. Check back here to catch up on the news you missed or stay up to date on one of the world's biggest retailers.
Cornell puts focus on Target's team-building and omnichannel presence
Just days after being named the new chairman and CEO of Target, Brian Cornell sat down with A Bullseye View to discuss his goals for the retailer's future. He said two of his top priorities are team-building and advancing Target's omnichannel presence.
In the Q&A, Cornell revealed that being hired from outside of Target—he was most recently the CEO of PepsiCo Americas Foods—gives him a unique perspective. In the interview he discussed his background in consumer products as well as retail leadership at Safeway, Michael's and Sam's Club. He said the appeal of the work he does is the challenging business climate the retail industry offers. Full story
Target names former Sam's Club exec CEO
The wait is over. Target has named Brian Cornell as its new chairman and CEO, replacing Gregg Steinhafel, who departed May 5. Cornell, 55, will join Target August 12. He brings more than 30 years of retail and CPG experience.
Cornell most recently served as CEO of PepsiCo Americas Foods where he oversaw the company's global food business, the largest of PepsiCo's four divisions. Before joining PepsiCo in 2012, Cornell served as president and CEO of Sam's Club, a division of Walmart Stores. Cornell also held the position of CEO at Michaels Stores and previously acted as executive VP and chief marketing officer for Safeway. Full story
Target's VP of security says collaboration best weapon against cyber threats
Collaboration is the key to cyber security. This was the underscored message delivered by Target's top security team as the retailer tries to move past the massive data breach of 2013.
Ralph Boelter, VP of corporate security, and Brad Maiorino, senior VP and CISO, stopped to answer a few questions on Target's blog, A Bullseye View, before going on to represent the retailer at the annual Aspen Security Forum. Full story
Target's CEO search proves difficult
Target may be having difficulties finding the right CEO to lead the company after its massive data breach, problems in Canada and checkout glitches earlier this week.
Target has been without a CEO since Gregg Steinhafel was fired in May, when John Mulligan, executive vice president and CFO, was named interim president and CEO. Mulligan quickly moved Target's entire leadership team to the 26th floor of its headquarters to become more efficient and reduce bureaucracy. He is likely at the top of the list to take over as CEO, as he takes to the road with executives to reassure Wall Street that the company is moving forward. Full story
Target apologizes to Canadian shoppers
The Target apology tour continues as the retailer issues a mea culpa to Canadian customers following its bungled market entry there.
"Maybe we didn't put our best foot forward when we entered into Canada. We had some disappointments when we opened. Certainly we think we disappointed our guests," said Damien Liddle, Target Canada's senior corporate counsel, in a video clip posted to YouTube. "But here at headquarters and at our store teams we're working really hard to give everybody that unique Target experience." Full story
Target glitch spurs fear of new data breach
Target experienced a glitch that caused delays at checkout but was not related to a cybersecurity issue. Still, the issue caused long lines at registers and reignited old fears related to the retailer's data breach in 2013.
On Sunday, an apparent glitch in Target's network slowed down the company's point-of-sale system, causing long lines in stores. The issue was resolved later that evening, and Target has taken pains to assure shoppers that it was innocuous, according to the Star Tribune of Minneapolis. Full story
Target shareholders re-elect board
Despite an influential proxy advisor campaigning for the replacement of Target's board, the retailer's shareholders voted to keep the 10-member board at its annual shareholder meeting in Dallas, Texas.
Institutional Shareholder Services recently recommended that investors get rid of seven board members, saying the board failed to protect the company from last year's data breach.
However, Roxanne Austin, the board's interim chairwoman, said Target has taken "decisive action" since the breach and expressed support for Bob DeRodes, the retailer's new CIO and interim CEO. Full story
Target hires first CISO
Late yesterday, Target hired its first chief information security officer, from outside the company. On the eve of its annual shareholders meeting, Target is seeking to restore its stock price and market share after the now infamous data breach of late 2013.
Brad Maiorino, formerly in charge of global information security at General Motors, will join Target on Monday to strengthen its protection against security threats, the company said in a statement. Maiorino, who also served as CISO at General Electric, will report to Bob DeRodes, who was recently hired as Target's executive VP and CIO. Full story
Target CEO shakes up executive committee
Target is shaking up the executive suite by relocating and renaming its executive committee as the retailer tries to implement changes and break the bureaucratic barriers put in place by prior leadership.
The retailer is relocating all top executives to new offices on the same floor of its Minneapolis headquarters in an effort by Interim CEO John Mulligan to break down barriers and change the corporate structure. The executive committee will now be called the "leadership teams," according to a memo announcing the changes. Full story
Target defends pre-breach actions
In advance of its shareholder meeting, Target is forming a defense against activist shareholders interested in making changes to the board of directors.
Institutional Shareholder Services, a shareholder advisory group, claims that Target's directors did not deserve to be re-elected because they had not provided adequate risk oversight before the breach that compromised the data of more than 70 million Target shoppers. Full story
Target forms digital council ahead of e-book subscription launch
Target has formed a new Digital Advisory Council to help the retailer brainstorm and implement new omnichannel strategies in advance of a new e-book program.
The council consists of four tech superstars: Match.com CEO and OkCupid founder Sam Yagan, Orbitz Worldwide's Roger Liew, Bain Capital Ventures' Ajay Agarwal and Accompani CEO/former Google Analytics lead Amy Chang. Full story
Target still reeling from data breach, failed Canada expansion
Target is still struggling to rebound from last year's data breach and a failed Canadian expansion. The retailer posted first-quarter profit today that missed analysts' estimates as traffic to Target's stores declined for the sixth straight quarter.
Net income fell 16 percent to $418 million from $498 million a year earlier as the retailer upped promotions and discounts to win back shoppers after the data breach. Revenue increased 2.1 percent to $17.05 billion. The number of transactions declined 2.3 percent, but average transaction amounts increased 2.1 percent, reflecting the sale of higher-priced items, like electronics. Full story