Gregg Steinhafel (born in 1954) is an American business executive, who was the president, CEO and chairman of Target Corporation until 2014.
Gregg Steinhafel | |
|---|---|
| Born | 1954 (age 69–70) |
| Nationality | American |
| Alma mater | Carroll University |
| Occupation | Business executive |
| Title | Former chairman and president of Target Corporation |
| Term | 2008-2014 |
Early life
editGregg Steinhafel was born in 1954 in Milwaukee, Wisconsin. His grandfather founded Steinhafels Furniture in Milwaukee, Wisconsin 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
editIn 1979, he was recruited as a merchandising trainee by Target, where he steadily advanced through the ranks of the organization. He achieved the position of the Executive Vice President of Merchandising in July 1994 and became Chief Executive Officer in May 2008.[5] In May 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 two 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] 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 a Director, Member of Nominating and Governance Committee and Member of Compensation & Human Resources Committee for The Toro Company. He is the vice chairman of the Retail Industry Leaders Association.[11]
References
edit- ^ "Steinhafel to take over at Target". Milwaukee Wisconsin Journal Sentinel. May 15, 2014. Archived from the original on May 15, 2014. Retrieved August 28, 2018.
- ^ Barry Adams (March 17, 2015). "Steinhafels keeping family touch as company grows". Host.madison.com. Retrieved October 26, 2017.
- ^ "Carroll University :: Alumni :: Pioneer Pride :: Distinguished Alumni Award". Archived from the original on June 6, 2014. Retrieved June 4, 2014.
- ^ "With teamwork, Gregg Steinhafel hits the bull's-eye at Target". Kellogg School of Management | Northwestern University. Retrieved October 18, 2017.
- ^ "Gregg W. Steinhafel: Executive Profile & Biography - Bloomberg". Bloomberg.com. Retrieved October 18, 2017.
- ^ ZIOBRO, PAUL; NG, SERENA. "Retailer Target Lost Its Way Under Ousted CEO Gregg Steinhafel". Wall Street Journal. Retrieved September 18, 2014.
- ^ "Target fired CEO Gregg Steinhafel, cut compensation, proxy shows". Startribune.com. Retrieved October 26, 2017.
- ^ Harris, Elizabeth A.; Perlroth, Nicole (October 26, 2017). "For Target, the Breach Numbers Grow". The New York Times. Retrieved October 26, 2017.
- ^ Dahlhoff, Denise (January 20, 2015). "Why Target's Canadian Expansion Failed". Harvard Business Review. Retrieved October 26, 2017.
- ^ "Target CEO Gregg Steinhafel's golden parachute: $61 million". Fortune. Retrieved October 26, 2017.
- ^ "Gregg W. Steinhafel: Executive Profile & Biography - Bloomberg". Bloomberg.com. Archived from the original on February 8, 2013. Retrieved October 26, 2017.