The Fed will attempt to sustain its independence at the Jackson Hole symposium despite a second criminal referral from Trump loyalists. Asia markets are up while other global markets are down. Brian Cornell became Target CEO 11 years ago when the retailer faced out-of-stocks, low morale, and a loss of the "Tar-zhay" cheap-chic identity. Sales have declined for three years and the stock has fallen 64% from its 2022 peak. Cornell, who will step down as CEO on February 1, previously led a PepsiCo unit, Michaels Stores, and Sam's Club. He halted Target's Canada expansion, rebuilt merchandising teams, and launched a $7 billion store remodel program.
When Brian Cornell took the reins at Target 11 years ago, the retailer was, to put it mildly, a mess. Among its many problems: Target was struggling with out-of-stocks that frustrated shoppers, employee morale was low, and there was a sense that the retailer had lost much of the "Tar-zhay" cheap-chic magic that had won it millions of loyal, fanatical shoppers for decades.
Sales have been in decline for three years now, and the stock has plunged 64% from its all-time high in 2022. It didn't have to be this way. At the start of his tenure, Cornell, who the company announced yesterday will step down as CEO on February 1, was an outsider unafraid to move fast and break things. He had been CEO of a big PepsiCo unit, Michaels Stores, and Sam's Club before that.
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