Target is making some policy changes.
In a press release, the big-box store company announced Wednesday that current Chief Executive Officer Brian Cornell would stay on to continue working for them for the next three years.
But with 63-year-old Cornell staying, the company announced its board eliminated its mandatory retirement policy, which previously listed the mandatory retirement age at 65.
“In discussions about the company’s longer-term plans, it was important to us as a board to assure our stakeholders that Brian intends to stay in his role beyond the traditional retirement age of 65,” said Monica Lozano, lead independent director of Target’s Board of Directors in a statement.
Since joining the company in 2014, Cornell said he’s helped Target add nearly $40 billion in annual revenue, according to the press release.
The company also announced Wednesday that Arthur Valdez, the company’s executive Vice President and chief supply chain and logistics officer, was retiring.
Target said its senior vice president of global inventory management, Gretchen McCarthy, will succeed Valdez.