8-KLeadership Changes

TARGET CORP 8-K Report, Executive Changes (May 21, 2025)

Filed May 21, 2025For Securities:TGT

Summary

Target Corporation (TGT) has filed an 8-K report announcing significant changes in its executive leadership. Christina Hennington, Executive Vice President and Chief Strategy and Growth Officer, will step down from her role on May 25, 2025, transitioning to a strategic advisor position until September 7, 2025. During this period, she will continue to receive her current base salary and will be entitled to severance under the company's Income Continuation Plan upon her expected departure on September 7, 2025, which will be considered an involuntary termination without cause. She will also receive a partial vesting of her long-term incentives. Additionally, Amy Tu, Executive Vice President and Chief Legal & Compliance Officer, will also step down from her role, with her employment ending on June 1, 2025, following a brief transition period. Similar to Ms. Hennington, Ms. Tu has entered into a transition agreement and will be eligible for severance under the Income Continuation Plan due to an involuntary termination without cause. She will also receive partial vesting of her long-term incentives. These departures signal a shift in key strategic and legal oversight roles within the company.

Key Highlights

  • 1Christina Hennington, EVP and Chief Strategy and Growth Officer, is stepping down from her role effective May 25, 2025.
  • 2Ms. Hennington will serve as a strategic advisor until September 7, 2025, receiving her current base salary.
  • 3Ms. Hennington's departure on September 7, 2025, will be treated as an involuntary termination without cause, entitling her to severance under Target's Income Continuation Plan.
  • 4Amy Tu, EVP and Chief Legal & Compliance Officer, is stepping down from her role, with employment ending June 1, 2025.
  • 5Ms. Tu will also receive severance under the Income Continuation Plan due to an involuntary termination without cause.
  • 6Both executives will receive partial vesting of their long-term incentive awards as part of their departure agreements.
  • 7The detailed transition agreements for both executives will be filed in Target's upcoming Form 10-Q.

Frequently Asked Questions

Target announced the departure of two key executives: Christina Hennington, EVP and Chief Strategy and Growth Officer, and Amy Tu, EVP and Chief Legal & Compliance Officer. Ms. Hennington will transition to an advisory role before departing, while Ms. Tu's employment will end after a brief transition.

Both Ms. Hennington and Ms. Tu will receive severance benefits under Target's Income Continuation Plan, categorized as an involuntary termination without cause. They will also receive partial vesting of their respective long-term incentive awards. Ms. Hennington will continue to receive her current base salary during her advisory period.

The specific transition agreements for both Ms. Hennington and Ms. Tu will be filed as exhibits to Target's Quarterly Report on Form 10-Q for the fiscal quarter ending August 2, 2025.

The 8-K filing indicates that both executives are departing under circumstances that will entitle them to severance under Target's Income Continuation Plan on account of an involuntary termination without cause. Specific underlying reasons for the departures are not detailed in this filing.