8-KLeadership ChangesExhibits & Filings

TARGET CORP 8-K Report, Executive Changes (Aug 12, 2015)

Filed August 12, 2015For Securities:TGT

Summary

This Form 8-K filing by Target Corporation, dated August 12, 2015, primarily announces a significant change in its Board of Directors. The company has elected two new directors, Donald R. Knauss and Robert L. Edwards, effective immediately. Both individuals bring extensive executive experience from prominent retail and consumer goods companies, which could signal a strategic focus on enhancing leadership and operational expertise within Target's governance structure. Investors should note the committee assignments for the new directors: Mr. Knauss will serve on the Compensation and Nominating & Governance Committees, while Mr. Edwards will join the Audit and Finance Committees. This placement suggests a deliberate approach to leveraging their specific skills to address key areas of corporate oversight. The filing also details the compensation structure for these new non-employee directors, including an initial Restricted Stock Unit (RSU) grant and standard annual compensation, providing transparency on the financial implications of these board changes.

Key Highlights

  • 1Target Corporation elected Donald R. Knauss and Robert L. Edwards as new members of its Board of Directors.
  • 2Donald R. Knauss brings a strong background as former Executive Chairman, Chairman, and CEO of The Clorox Company.
  • 3Robert L. Edwards has significant experience as former CEO of Safeway, Inc., with prior roles as President and CFO.
  • 4Mr. Knauss has been appointed to the Compensation and Nominating & Governance Committees.
  • 5Mr. Edwards has been appointed to the Audit and Finance Committees.
  • 6New directors will receive a one-time RSU grant valued at $50,000 and standard director compensation.
  • 7The filing includes a press release announcing these board changes as an exhibit.

Frequently Asked Questions

The filing announces the election of Donald R. Knauss and Robert L. Edwards as new directors. While the specific reasons for their appointment are not detailed in this 8-K, such changes often reflect a board's strategy to bring in new expertise, perspectives, or to fill vacancies, aiming to strengthen corporate governance and strategic oversight.

Donald R. Knauss previously served as Executive Chairman, Chairman, and CEO of The Clorox Company. Robert L. Edwards was the CEO of Safeway, Inc., and also held positions as President and CFO at Safeway.

Each new director will receive a one-time grant of Restricted Stock Units (RSUs) with a fair value of $50,000 on the grant date. They will also receive the annual compensation typically provided to non-employee directors, as detailed in Target's most recent proxy statement.

Donald R. Knauss will serve on the Compensation Committee and the Nominating & Governance Committee. Robert L. Edwards will serve on the Audit Committee and the Finance Committee.