8-KLeadership Changes

TARGET CORP 8-K Report, Executive Changes (Sep 19, 2024)

Filed September 19, 2024For Securities:TGT

Summary

Target Corporation (TGT) has announced a significant leadership change with the appointment of Jim Lee as the new Executive Vice President and Chief Financial Officer, effective September 22, 2024. Mr. Lee brings extensive financial and strategic experience from his previous roles at PepsiCo, Inc., including his most recent position as deputy chief financial officer. This appointment marks a crucial moment for Target as it integrates new financial leadership into its executive team, with investors keen to understand the impact on the company's financial strategy and operational execution.

Key Highlights

  • 1Jim Lee appointed as new Executive Vice President and Chief Financial Officer, effective September 22, 2024.
  • 2Mr. Lee has a background with PepsiCo, Inc., most recently serving as deputy chief financial officer.
  • 3Annual base salary for Mr. Lee will be $850,000.
  • 4Eligible for a pro-rated annual cash incentive of 100% of base salary for Fiscal 2024.
  • 5Receives significant stock-based awards totaling $8.45 million in target payout value ($1.5 million in performance awards and $6.95 million in sign-on restricted stock units).
  • 6Sign-on restricted stock units vest over three years (1/3 annually starting September 2025) and have specific provisions for accelerated vesting or partial payout in case of involuntary termination without cause.

Frequently Asked Questions

Jim Lee has been appointed as the new Executive Vice President and Chief Financial Officer of Target Corporation, with his role commencing on September 22, 2024.

Jim Lee previously held various leadership positions at PepsiCo, Inc., including deputy chief financial officer, senior vice president of corporate finance, and chief strategy and transformation officer for PepsiCo Beverages North America.

Mr. Lee's compensation includes an $850,000 base salary, eligibility for a 100% target annual cash incentive, and substantial stock-based awards. This includes $1.5 million in performance awards and a $6.95 million sign-on award of restricted stock units, plus a $2.2 million cash sign-on bonus.

Yes, the $2.2 million cash sign-on bonus is subject to repayment if Mr. Lee voluntarily terminates or is terminated for cause within the first 36 months. The $6.95 million sign-on restricted stock units vest over three years, with partial payout possible upon involuntary termination without cause before vesting.