Target CEO Receives Pay Package of $16.9 Million for 2015

By Tess Stynes 

Target Corp. said Chief Executive Brian C. Cornell's pay package fell to $16.9 million for 2015, a decline from his $28.2 million in 2014 compensation that included a make-whole incentive package to leave his previous post at PepsiCo Inc.

Mr. Cornell, who joined Target in August 2014, received make-whole compensation of more than $14 million that year.

For 2015, Mr. Cornell's salary more than doubled to $1.3 million, while his stock awards declined to $13.4 million from $27.4 million, according to a regulatory filing. Mr. Cornell's prorated salary for the time he was with Target in 2014 was $595,000.

Mr. Cornell joined Target after a long string of weakness for the discount retailer caused executives to rethink Target's purpose and forced the removal of its previous CEO, Gregg Steinhafel.

Mr. Cornell has been aiming to restore Target's relevance with customers, including a recent push to improve its digital operations.

Target in February reported strong growth in its online business for the key holiday quarter, crossing $1 billion in digital sales for the first time, though aggressive promotions weighed on its earnings. During the quarter, online accounted for 5% of Target's total $21.6 billion in sales. Meanwhile, the promotions and overall efforts to improve merchandise and spruce up stores with better displays also brought in more shoppers for a fifth straight quarter.

For its fiscal year ended Jan. 30, the discount retailer swung to a profit of $3.4 billion from a loss of $1.6 billion a year earlier. Revenue rose 1.6% to $73.79 billion.

Write to Tess Stynes at [e-mail]

(END) Dow Jones Newswires

April 25, 2016 10:46 ET (14:46 GMT)

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