CEO

The current CEO of the Target Corporation is Gregg W. Steinhafel. Steinhafel, 55, is Chairman of the Board, Chief Executive Officer, and President of Target. In 1979 he begun his career with Target as a merchandise trainee and during the next 20 years he advanced through a variety of merchandising and operational management positions. In August 1999, he became President of Target. He was named Chief Executive Officer in May 2008 upon the retirement of Bob Ulrich and in February 2009 he was also given the title of Chairman of the Board.

Founder of Target

Target was created by the Dayton Company which was founded by George D. Dayton. Dayton left home at the age of 16 with the goal of accumulating $5,000 by the time he reached 18 so that he could marry and provide for his wife. In 1883 he organized the State Bank of Worthington, with his friends investing money and having their friends do the same. In 1884 he organized the Minnesota Loan and Investment Company at Worthington and became its president. In 1892, he purchased land and formed the Dayton Dry Goods Company, which is now known as Target, with the belief that Minneapolis offers the strongest growth opportunities. The store was shaped on Dayton's principles and soon became known for dependable merchandise, fair business practices and a generous spirit of giving. Dayton was an active part of the store's management as President until his death in 1938. Following his death, his son and grandson took over and Dayton Company began to grow into a nationwide retailer.

History

Target had its first grand opening in Roseville, Minnesota on May 1, 1962. It was heralded as a "new idea in discount stores" since unlike other retail stores, Target combines fashion, quality, and service, which are the best features of the best department stores, with the low prices of a discounter. By the end of 1962, Target, which was created as "a store you can be proud to shop in, a store you can have confidence in, a store that is fun to shop and exciting to visit" had opened stores in St. Louis Park, Crystal, and Duluth, Minnesota. In 1966, Target moved outside of Minnesota opening stores in the Denver, Colorado metro area and by the late 1960s, Target had expanded across the country, opening stores in the metro areas of St. Louis, Dallas and Houston.