8-K/ALeadership Changes

TARGET CORP 8-K/A Report, Executive Changes (May 5, 2022)

Filed May 5, 2022For Securities:TGT

Summary

This 8-K/A filing from Target Corp (TGT) serves as an amendment to a previous filing concerning the retirement of Executive Vice President and Chief Information Officer, Michael E. McNamara. While Mr. McNamara's intention to retire was previously announced, this filing clarifies that he will transition into a strategic advisory role as a non-executive officer. This arrangement, effective May 30, 2022, and extending until January 28, 2023, is designed to ensure a smooth transition for his successor. Investors should note that Mr. McNamara will continue to receive his current base salary rate and the same target bonus opportunity as other executive officers during this advisory period. This indicates Target's commitment to a well-managed leadership transition and leveraging Mr. McNamara's continued expertise during the interim period, aiming to minimize disruption in a critical operational area.

Key Highlights

  • 1Amendment to a prior 8-K filing regarding the retirement of EVP and CIO, Michael E. McNamara.
  • 2Mr. McNamara will transition to a non-executive officer role in a strategic advisory capacity.
  • 3The advisory role will commence on May 30, 2022, and conclude on January 28, 2023.
  • 4Purpose of the role is to support the transition of his successor.
  • 5Mr. McNamara will continue to receive his current base salary rate during the advisory period.
  • 6He will also maintain the same target bonus opportunity as other executive officers.

Frequently Asked Questions

This filing amends a previous report to provide an update on the transition plan for Michael E. McNamara, Executive Vice President and Chief Information Officer. It clarifies his new role as a strategic advisor in a non-executive capacity after his initial retirement date.

Yes, Mr. McNamara will continue to receive his current base salary rate and will have the same target bonus opportunity as other executive officers throughout the duration of his advisory agreement.

Mr. McNamara's role as a non-executive strategic advisor will begin on May 30, 2022, and is scheduled to end on January 28, 2023.

The company has engaged Mr. McNamara in this role to ensure a smooth and effective transition for his successor, leveraging his continued expertise and knowledge during this crucial handover period.