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Brian Cornell

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For the Canadian ice hockey winger, see Brian Cornell (ice hockey).
Brian Cornell
Born1958 (age 66–67)
New York City, U.S.
EducationUniversity of California, Los Angeles (BA)
UCLA Anderson School of Management
TitleChairman and CEO, Target
Term2014–
PredecessorGregg Steinhafel
SpouseMartha Cornell
Children2

Brian C. Cornell (born c. 1958) is an American businessman, and the chairman and chief executive officer (CEO) of Target Corporation. He is also non-executive chairman of Yum! Brands.

Early life

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Brian Cornell was born in 1958 in Queens, New York City. He grew up in a fatherless household from the age of six, and his mother was living on welfare due to heart disease.[1] As a result, Cornell was mostly brought up by his maternal grandparents.[1]

Cornell graduated from the University of California, Los Angeles (UCLA) in 1981.[2][3] Cornell attended the UCLA Anderson School of Management, attending in 1991.[2][3]

Career

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Cornell was the chief marketing officer and an executive vice president of Safeway Inc., from 2004 to 2007.[3][4] He was the CEO of Michaels from 2007 to 2009, CEO of Sam's Club from 2009 to 2012,[1] and CEO of PepsiCo Americas Foods, a subsidiary of PepsiCo, from 2012 to 2014.[3][4]

Cornell was on the board of directors of OfficeMax, from 2004 to 2007, and of The Home Depot, from 2008 to 2009.[3] Cornell has been on the board of Centerplate and Polaris Industries.[5][3] Cornell has been on the board of directors of Yum! Brands since September 2015.[6] He is the chairman of the Retail Industry Leaders Association, and a board member since 2015.[7][8]

In August 2014, Cornell replaced Gregg Steinhafel as the chairman and CEO of Target.[4] During his tenure, Cornell shut down the loss-incurring Target Canada.[1] Cornell occasionally visits Target stores and asks guests about their shopping experiences.[1] As CEO, Cornell has been featured by news outlets such as CNN, which described him as Target's "ace CEO" and crediting him with the business' strong growth in the 2010s.[9] In 2019, Cornell was named CNN's "Business CEO of the Year".[10]

Cornell was honored with "The Visionary" award by the National Retail Federation for 2022, given each year to "an outstanding retail industry leader".[11]

In 2022, Target announced[12] that their board of directors had eliminated the company’s mandatory retirement policy that would have forced the CEO to retire at age 65.

In 2023, Cornell's total compensation at Target was $18.1 million, or 719 times the median employee pay at Target for that year.[13] He earned a higher annual bonus due to the company's improved profits, although his overall compensation dropped.[13]

Memberships and affiliations

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Cornell is on the board of advisors of the UCLA Anderson School of Management.[2][14] He is on the board of directors for Catalyst[15] and previously was a member on the museum council for the Smithsonian's National Museum of African American History and Culture.[16] Cornell is also a member of The Business Council.[17]

Personal life

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He is married to Martha Cornell. They have a daughter and a son.[18] In 2021, Cornell and his wife made a $10 million donation to Sarasota Memorial Hospital in Sarasota, Florida.[19]

Criticism and controversy

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Diversity Equity and Inclusion Concerns

Brian Cornell publicly stated[20] commitment to programs at Target to support diversity, equity and inclusion following the murder of George Floyd by police in Minneapolis. He stated “I recognize that it’s time to take it to another level, and that as CEOs, we have to be the company’s head of diversity and inclusion."[21] One of the created programs[22] intended to help Black entrepreneurs develop, test, and scale products to sell at mass retailers promised to spend more than $2 billion with Black-owned businesses by 2025.

In 2025, Target announced an abrupt change to these policies following an executive order from President Trump ordering[23] a dismantling of the federal government’s diversity and inclusion programs. Target announced[24] a halt to many programs designed to increase diversity equity and inclusion at Target. The company also said it would no longer participate in external diversity surveys, including the Human Rights Campaign’s Corporate Equality Index[25]

Following Target's statement to roll back on equitable hiring practices, Twin Cities Pride announced[26] Target would no longer be participating in the 2025 Pride Festival.

References

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  1. ^ a b c d e Wahba, Phil. "Target Has a New CEO: Will He Re-Energize the Retailer?". Fortune. Retrieved August 20, 2015.
  2. ^ a b c "Who's Who: Board of Visitors". UCLA Anderson School of Management. Retrieved August 20, 2015.
  3. ^ a b c d e f "Wal-Mart Stores Inc (WMT:New York): Brian C. Cornell". Bloomberg Business. Retrieved August 20, 2015.
  4. ^ a b c Loeb, Walter. "Target's New CEO Brian Cornell Lacks Innovative Pizzazz". Forbes. Retrieved August 20, 2015.
  5. ^ "Investor Relations: BOARD OF DIRECTORS". Polaris. Retrieved August 20, 2015.
  6. ^ "Target CEO Brian Cornell joins Yum! Brands board". www.bizjournals.com. September 18, 2015. Retrieved July 19, 2018.
  7. ^ "Brian Cornell". Target Corporate. Retrieved December 11, 2017.
  8. ^ "Target CEO named chairman of RILA". Retail Dive. Retrieved July 19, 2018.
  9. ^ Meyersohn, Nathaniel (September 7, 2022). "Target's ace CEO isn't leaving anytime soon | CNN Business". CNN. Retrieved August 16, 2023.
  10. ^ La Monica, Paul (December 18, 2019). "Target's Brian Cornell is the top CEO of 2019". CNN. Archived from the original on December 18, 2019. Retrieved March 11, 2020.
  11. ^ "Target CEO Brian Cornell Named The Visionary 2022". RIS News.
  12. ^ https://www.supermarketnews.com/foodservice-retail/target-ceo-brian-cornell-to-stay-with-the-retailer-for-3-more-years
  13. ^ a b Tribune, Patrick Kennedy Star (April 29, 2024). "Target CEO Brian Cornell was paid $18.1 million in 2023". Minnesota Star Tribune. Archived from the original on June 27, 2024. Retrieved June 27, 2024.
  14. ^ "About the Department". UCLA Econ. Retrieved March 19, 2019.
  15. ^ "Board of Directors". Catalyst. Retrieved March 19, 2019.
  16. ^ "Leadership". National Museum of African American History and Culture. January 4, 2016. Retrieved March 19, 2019.
  17. ^ "Brian Cornell | CEOI". fortune.com. Retrieved June 27, 2024.
  18. ^ "Target's new boss a 'sensible choice'". Star Tribune. August 1, 2014. Retrieved December 6, 2019.
  19. ^ Jones, Jr., James A. "Target CEO, wife make $10 million gift to Sarasota Memorial for behavioral health". Bradenton Herald.
  20. ^ https://www.cnbc.com/2021/04/27/target-ceo-brian-cornell-said-george-floyds-murder-pushed-him-to-do-more.html
  21. ^ https://www.cnbc.com/2021/04/27/target-ceo-brian-cornell-said-george-floyds-murder-pushed-him-to-do-more.html
  22. ^ https://www.nbcnews.com/business/business-news/target-rolls-back-dei-initiatives-latest-big-company-retreat-rcna189172
  23. ^ https://apnews.com/article/dei-trump-executive-order-diversity-834a241a60ee92722ef2443b62572540
  24. ^ https://corporate.target.com/press/fact-sheet/2025/01/belonging-bullseye-strategy
  25. ^ https://www.forbes.com/sites/conormurray/2025/01/24/target-drops-diversity-initiatives-after-it-previously-caved-to-pressure-from-pride-month-collection/
  26. ^ https://www.cbsnews.com/minnesota/news/target-ends-dei-twin-cities-reaction/
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