8-KLeadership ChangesExhibits & Filings

TARGET CORP 8-K Report, Executive Changes (Aug 11, 2021)

Filed August 11, 2021For Securities:TGT

Summary

This 8-K filing from Target Corporation announces significant changes to its Board of Directors. Most notably, David P. Abney and Gail K. Boudreaux have been elected as new directors. Mr. Abney brings extensive experience from his leadership roles at UPS, including CEO and Chairman, while Ms. Boudreaux has a strong background in the healthcare industry, having served as CEO of Anthem and in senior positions at UnitedHealth Group. These appointments are intended to leverage their diverse expertise to guide Target's strategic direction. Additionally, the filing notes the resignation of a board member, Kenneth L. Salazar. The new directors will receive standard compensation for non-employee directors, including a one-time Restricted Stock Unit (RSU) grant valued at $50,000. Investors can view the attached news release for further details on these board changes.

Key Highlights

  • 1Target Corporation has elected David P. Abney and Gail K. Boudreaux as new members to its Board of Directors.
  • 2David P. Abney brings significant experience from his former roles as Chairman and CEO of United Parcel Service (UPS).
  • 3Gail K. Boudreaux has a substantial background in the healthcare sector, including her current role as President and CEO of Anthem, Inc.
  • 4Kenneth L. Salazar has resigned from his position on the Board of Directors, effective immediately.
  • 5New directors Abney and Boudreaux will receive a one-time RSU grant with a fair value of $50,000 each.
  • 6The new directors will also receive the standard annual compensation provided to non-employee directors.

Frequently Asked Questions

The new directors are David P. Abney, former Chairman and CEO of UPS, and Gail K. Boudreaux, President and CEO of Anthem, Inc. Mr. Abney has a strong logistics and operational background, while Ms. Boudreaux brings extensive experience in the healthcare industry. Both have held high-level executive positions.

The filing states that Kenneth L. Salazar informed the Board of his decision to resign, effective immediately. The specific reasons for his resignation are not detailed in this 8-K filing.

David P. Abney and Gail K. Boudreaux will each receive a one-time grant of Restricted Stock Units (RSUs) valued at $50,000 on the grant date, in addition to the annual compensation provided to Target's non-employee directors.

David P. Abney's appointment is effective August 11, 2021. Gail K. Boudreaux's appointment is effective September 23, 2021. Kenneth L. Salazar's resignation was effective immediately upon his notification on August 5, 2021.